Summary
A teenage boy created and released three memecoins, earning over $50,000 by selling his holdings before the price crashed (“soft rug pull”).
The backlash was swift, with the boy and his family doxed and facing threats from angry traders.
While the legality of such actions is unclear, the incident highlights the risks and ethical dilemmas in the unregulated memecoin market.
Wait I feel like I remember reading about stuff like this in the early days if stock trading, people making fake companies, selling stocks and running off, more stringent rules started being put in place in the 1920’s-30’s