12-Year-Old Rug Pulls Memecoin QUANT, Community Retaliates
Key Points:
- A 12-year-old trader rug pulled the memecoin QUANT on the pump.fun, making off with $30,000.
- The crypto community retaliated by taking over the token and pumping its market cap to over $80 million.
A 12-year-old trader rug pulled the memecoin QUANT, but the crypto community fought back, turning the tables and teaching the young scammer a lesson.
Young Trader Rug Pulls Memecoin QUANT, Community Responds with CTO and Massive Pump
On November 20th, a 12-year-old trader live-streamed a rug pull of the memecoin Gen Z Quant with the ticker QUANT on the memecoin launchpad pump.fun, making off with $30,000 from investors and causing widespread outrage.
Instead of abandoning the rug-pulled token, the community decided to execute a Community Take Over (CTO) of memecoin QUANT, pumping the memecoin’s market cap to over $80 million to teach the young trader a lesson.
This action was not only intended to punish the young trader for scamming investors but also to mock him. The initial $30,000 the trader had taken would now be worth over $2 million if he hadn’t pulled the rug.
As the incident went viral, the community not only pumped the token’s price but also doxxed the young trader, revealing his real name and his parents’ information across crypto forums.
Read more: Pump.fun Attacker Now Trying to Dismiss His Guilty Plea Over $2M Hack
Investor Turns $2 into Nearly $1 Million with QUANT, Trader Continues Rug Pulls
In another turn of events, an investor who had put in just 2 SOL to buy 18.89 million memecoin QUANT saw their investment reach a value of nearly $1 million in just 3 hours – a 2,141x return on investment – according to Lookonchain.
However, this wallet only sold 3.71 million QUANT to gain 116 SOL (about $27,000) and kept 15.18 million QUANT with a value equivalent to $962,000.
Not stopping at the first rug pull, the Gen Z trader went on to launch two other tokens, LUCY (named after his dog) and SORRY (a taunt directed at his victims). Both were subsequently rug-pulled, but the crypto community once again retaliated, pumping their values by 11x and 12x respectively, much to the trader’s dismay.
QUANT Incident Highlights Rampant Pump-and-Dump Schemes on pump.fun
The memecoin QUANT incident has once again highlighted the alarming pump-and-dump situation on the pump.fun platform.
Statistics show that out of over 57,300 tokens issued on this platform in 24 hours, only 924 tokens qualified to be listed on Raydium – meaning a success rate of just 1.612%. Most of the remaining tokens were created for fraudulent purposes, causing many investors to lose everything.
Recent statistics indicate that up to 60% of investors are on the pump.fun lose money due to memecoins, while those who make a profit of $1,000 or more account for only 3%.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Author
Analysis
12-Year-Old Rug Pulls Memecoin QUANT, Community Retaliates
Key Points:
- A 12-year-old trader rug pulled the memecoin QUANT on the pump.fun, making off with $30,000.
- The crypto community retaliated by taking over the token and pumping its market cap to over $80 million.
A 12-year-old trader rug pulled the memecoin QUANT, but the crypto community fought back, turning the tables and teaching the young scammer a lesson.
Young Trader Rug Pulls Memecoin QUANT, Community Responds with CTO and Massive Pump
On November 20th, a 12-year-old trader live-streamed a rug pull of the memecoin Gen Z Quant with the ticker QUANT on the memecoin launchpad pump.fun, making off with $30,000 from investors and causing widespread outrage.
Instead of abandoning the rug-pulled token, the community decided to execute a Community Take Over (CTO) of memecoin QUANT, pumping the memecoin’s market cap to over $80 million to teach the young trader a lesson.
This action was not only intended to punish the young trader for scamming investors but also to mock him. The initial $30,000 the trader had taken would now be worth over $2 million if he hadn’t pulled the rug.
As the incident went viral, the community not only pumped the token’s price but also doxxed the young trader, revealing his real name and his parents’ information across crypto forums.
Read more: Pump.fun Attacker Now Trying to Dismiss His Guilty Plea Over $2M Hack
Investor Turns $2 into Nearly $1 Million with QUANT, Trader Continues Rug Pulls
In another turn of events, an investor who had put in just 2 SOL to buy 18.89 million memecoin QUANT saw their investment reach a value of nearly $1 million in just 3 hours – a 2,141x return on investment – according to Lookonchain.
However, this wallet only sold 3.71 million QUANT to gain 116 SOL (about $27,000) and kept 15.18 million QUANT with a value equivalent to $962,000.
Not stopping at the first rug pull, the Gen Z trader went on to launch two other tokens, LUCY (named after his dog) and SORRY (a taunt directed at his victims). Both were subsequently rug-pulled, but the crypto community once again retaliated, pumping their values by 11x and 12x respectively, much to the trader’s dismay.
QUANT Incident Highlights Rampant Pump-and-Dump Schemes on pump.fun
The memecoin QUANT incident has once again highlighted the alarming pump-and-dump situation on the pump.fun platform.
Statistics show that out of over 57,300 tokens issued on this platform in 24 hours, only 924 tokens qualified to be listed on Raydium – meaning a success rate of just 1.612%. Most of the remaining tokens were created for fraudulent purposes, causing many investors to lose everything.
Recent statistics indicate that up to 60% of investors are on the pump.fun lose money due to memecoins, while those who make a profit of $1,000 or more account for only 3%.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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