this post was submitted on 07 Dec 2024
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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.

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[–] [email protected] 2 points 3 days ago* (last edited 3 days ago)

This is exactly why more regulation is needed in the space if they want it to be successful in the long term. But crypto bros can't seem to be able to bring themselves to care about the long term (though I'm not sure I would either if I was made a multimillionaire overnight because of a memecoin or some shit)