A sensational rug pull involving a 12-year-old trader has recently stunned the crypto world. The incident unfolded when the boy executed a rug pull of the QUANT token on the pump.fun platform, siphoning $30,000 from investors.
Instead of letting it slide, the crypto community decided to “teach” the young trader a valuable lesson. They orchestrated a Community Takeover of the token and drove QUANT’s market cap to an astonishing $80 million. This not only served as a lesson for the young trader but also highlighted an ironic twist: the $30,000 he initially stole would have been worth over $2 million had he not pulled the rug.
The story quickly went viral across social media. The community didn’t stop at pumping the token’s value; they also exposed the boy’s identity and even turned his family’s personal details into new memecoins on pump.fun.
Related: Kylian Mbappe Hacked on X Account to Shill Memecoin
Following the incident, the Gen Z trader launched two new tokens: LUCY (named after his dog) and SORRY (a mocking “apology” to those who lost money). Yet again, the crypto community responded by driving the value of both tokens up 11x and 12x, respectively, before he rug-pulled them once more.
The QUANT saga has highlighted the wild west nature of pump.fun. Of over 50,000 tokens launched on the platform within just 24 hours, only 898 tokens met the requirements to be listed on Raydium—a shockingly low success rate of 1.795%. The majority of the remaining tokens were scams, leaving many investors with significant losses.
Recent statistics further underscore the platform’s risks:
- 60% of investors on pump.fun suffer losses.
- Only 3% of participants manage to earn profits exceeding $1,000.
This incident serves as a stark reminder of the dangers lurking in decentralized token platforms, especially for inexperienced investors drawn in by the allure of quick gains.
