Ah yes, Web3 is going just great, in case you were wondering. For a rare few, investing in cryptocurrency has been a swift shot into extreme wealth, but many have been left by the wayside. For the Gen Z Quant Kid—a 13-year-old who pocketed $30,000 from selling a cryptocurrency he created—it's been a straight up nightmare from thereon out.
A while back, the teenager known as Quant Kid created the Memecoin Gen Z Quant in an attempt to get rich, and invested $350 of his own money on 51 million tokens (around 5% of the total in circulation says Wired).
Just eight minutes later, during his live stream on Pump.Fun, the kid executed a rug-pull, screaming "Holy fuck! Thanks for the twenty bandos" and making off with around $30,000.
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After that little display, and the plummeting coin value, needless to say the coin's other early investors weren't happy. His rug-pull attempt was soon met with what's called a revenge pump, in which investors bolstered Quant to the point where its peak market cap hit around $85 million. If the kid hadn't immediately noped out, he'd now be worth more than $4 million, according to Decrypt.
What's more, enraged investors took it upon themselves to target the teen and doxx him and his entire family, publicising his home address and school, which resulted in some pretty nasty comments left on his mom's Instagram account over the incident.
Rumors then emerged that someone allegedly took it upon themselves to dognap their family pet and launch Memecoin BARI around the dog's likeness, demanding an apology from the child (Tribune, Web3isgoinggreat, CryptoTimes).
Gen Z Quant kid then created another Memecoin named I’m Sorry, and one named after another of his dogs, Lucy. He pushed his profits up to $50,000 with them, but who knows where his poor dog has been left in this mess of a Web3 saga.
