The Failure of a Young Trader Leads to a Massive Surge in QUANT, Angering the Crypto Community
Surprising many in the crypto sphere, a teenager from Generation Z shocked the community by broadcasting the rugpull of his own cryptocurrency, QUANT.
He shamelessly walked away with 128.3 Solana [SOL], valued at $30,000, while viewers looked on in disbelief.
This token, introduced on the Pump.fun platform, seemed to be an attempt to profit from the current internet trends swiftly.
Yet, what appeared to be a clear scam turned into a paradoxical situation, as highlighted by Lookonchain, a blockchain data analytics platform.
How Did the Community Respond to This?
Despite their anger, the community united in support of QUANT, boosting its market capitalization to an impressive $35 million in just a few hours.
In a twist of fate, had the trader not ruined his own project, his original holdings would have been valued at over $1.28 million.
Going forward, the crypto community changed the narrative by skyrocketing QUANT’s price by a jaw-dropping 71,386% within six hours, as a form of retaliation.
This remarkable surge propelled the token’s price to an all-time high of $0.07876, with its market cap hitting $4 million and trade volume reaching $213.7 million.
While some holders made significant profits, the trader’s narrow-minded scam cost him millions, marking one of the most ironic failures in the history of cryptocurrency.
But the Young Scammer Was Not Finished Yet
Despite profiting $30,000 from his initial rugpull of QUANT, the young scammer did not stop there.
Confident from his ill-gotten gains, he introduced two more tokens called LUCY (named after his pet dog) and SORRY (mocking his previous scam).
Continuing his deceitful practices, he orchestrated another rugpull, this time making 103 SOL, equaling $24,000 back then.
However, the crypto community was not willing to overlook his actions.
Committed to holding him responsible, they uncovered and revealed his personal information, including his name, address, and school, on social media, putting the spotlight on the deceptive teenager.
Similar Incidents in the Industry
As expected, the cryptocurrency sector has witnessed numerous scams that have left investors in shock.
One such case involved South Korean authorities arresting 215 individuals for embezzling a massive $232 million, highlighting the prevalence of fraud in the field.
Notably, the Solana ecosystem frequently finds itself entangled in such controversies.
Therefore, drawing a connection, former NSA contractor and whistleblower Edward Snowden once condemned Solana for its centralized strategies, claiming it prioritizes efficiency.
He also mentioned that it has transformed into a hotspot for memecoins and fraudulent operations, further marring its reputation within the crypto community.
Hence, while scammers may exploit digital currencies for rapid profits, these incidents also underscore the community’s ability to push back and demand accountability.