A California teen, Adam Biesk's son, orchestrated a notorious crypto pump-and-dump, profiting $50,000 in a few hours while investors faced significant losses.
The teenager, who launched 1 billion memecoins named Gen Z Quant, used the streaming platform Pump.Fun to hype the coin before cashing out swiftly.
The infamous rug pull led to panic and anger among investors, indicating a growing concern surrounding the ethical implications of such schemes in the crypto market.
Interestingly, Biesk's father claimed that the account tweeting after the scheme wasn't operated by his son, leaving open questions about accountability and legality.
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