"We didn't really believe it," says Biesk. But when the phone started to ring off the hook and his wife was flooded with angry messages on Instagram, Biesk realized that his son was telling the truth-if not quite the full story. Earlier that evening, at 7:48 pm PT, Biesk's son had released into the wild 1 billion units of a new crypto coin, which he named Gen Z Quant."
"No way. Holy fuck! Holy fuck!" he said, flipping two middle fingers to the webcam, with tongue sticking out of his mouth. "Holy fuck! Thanks for the twenty bandos." After he dumped the tokens, the price of the coin plummeted, so large was his single trade.
To the normie ear, all this might sound impossible. But in the realm of memecoins, a type of cryptocurrency with no purpose or utility beyond financial speculation, it's relatively routine. Although many people lose money, a few have been known to make a lot-and fast.
In this case, Biesk's son had seemingly performed what is known as a soft rug pull, whereby somebody creates a new crypto token, promotes it online, then sells off their holdings, leaving others with worthless coins.
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