2024

Frenzy

Coin

LUCY

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 In a bizarre twist to the fallout of a token rug pull, a QUANT investor allegedly kidnapped the dog of the token’s 13-year-old developer, retaliating against the boy’s fraudulent actions. 
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The kidnapper further launched a meme coin, Bari QUANT, named after the dog, fueling chaos in the crypto community.
Reports of the dog’s abduction surfaced on social media platform X, where users<a style="color: #0000ff;" href="https://x.com/sticktoshiZak/status/1859484761011650625?t=GhRrz_307FWNV3TYfg6L3Q&amp;s=19" rel="noopener noreferrer nofollow"> claimed</a> an unidentified individual admitted to stealing the pet as leverage. The individual<a style="color: #0000ff;" href="https://x.com/zeozuko/status/1859546507227099485?t=vLUfKKeU4Vu1GKAsLEAZsw&amp;s=19" rel="noopener noreferrer nofollow"> reportedly</a> demanded a refund and an apology from the boy, citing the Bari QUANT token as part of the retaliation. Screenshots shared online suggested the boy’s mother confirmed the theft in an Instagram post.
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/search?q=%24quant&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$quant</a> kid rugs thousands for 30k
 anon dms me said he stole quant kids dog <a href="https://twitter.com/search?q=%24bari&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$bari</a> demanding refund
 what part of the cycle is this? <a href="https://t.co/zA8zVKr8Wx" rel="noopener noreferrer nofollow">pic.twitter.com/zA8zVKr8Wx</a>
 — zak (@sticktoshiZak) <a href="https://twitter.com/sticktoshiZak/status/1859484761011650625?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 21, 2024</a>
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<a href="https://dexscreener.com/solana/j2wd5a4cgczzainug5rtrztvbmerfogldsdwsjuewmdc" rel="noopener noreferrer nofollow">According</a> to Dex Screener, the Bari QUANT token experienced a market cap surge to $800,000 within three hours of its launch, climbing over 300% before dropping to around $309,000. In contrast, the original QUANT token plummeted by over 61%, with its market cap falling from $81 million to $19 million.&nbsp;
The events unfolded on November 20 when a 13-year-old developer <a style="color: #0000ff;" href="https://x.com/BeezyScores/status/1859085101273149483?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1859085101273149483%7Ctwgr%5E155b272ca7b48acaf8ae98fff2e4888de5ae8a67%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fdecrypt.co%2F292594%2Fthis-child-made-30k-rugging-a-solana-meme-coin-then-crypto-degens-got-revenge" rel="noopener noreferrer nofollow">launched</a> the Gen Z QUANT token on Pump.fun during a live stream, quickly gaining 260% in value. However, he sold all his holdings, crashing the token and making $30,000. Despite the backlash, he launched two more tokens, LUCY and SORRY, and repeated the rug-pull strategy, earning another $24,000, according to<a style="color: #0000ff;" href="https://x.com/lookonchain/status/1859144909841985912" rel="noopener noreferrer nofollow"> Lookonchain</a>. This led to some investors doxxing his family online.
In a further escalation, several meme tokens were<a style="color: #0000ff;" href="https://x.com/AltcoinGordon/status/1859140807296454840?t=zsEJS2lJyIcRXv3NfXIGkA&amp;s=19" rel="noopener noreferrer nofollow"> launched</a> on Pump.fun, mocking the boy’s family with themes based on their names and profile pictures.
Notably, In Q2 2024, <a style="color: #0000ff;" href="https://defi-planet.com/2024/06/immunefi-report-crypto-hacks-and-rug-pulls-double-in-q2-2024-causing-573-million-in-losses/" rel="noopener noreferrer nofollow">losses in the cryptocurrency sector from hacks and rug pulls increased</a> by 112% compared to the same period in 2023, according to the ImmuneFi report. The industry lost about $573 million due to malicious activities, with $564.2 million lost in 53 attacks and $8.45 million through fraud in 19 incidents.
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The post <a href="https://defi-planet.com/2024/11/13-year-old-crypto-developers-rug-pull-sparks-dog-kidnapping-and-meme-coin-frenzy/" rel="noopener noreferrer nofollow">13-Year-Old Crypto Developer’s Rug Pull Sparks Dog Kidnapping and Meme Coin Frenzy</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

13-Year-Old Crypto Developer’s Rug Pull Sparks Dog Kidnapping and Meme Coin Frenzy

DeFi Planet

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