After hours of searching, I uncovered his scheme.
Through this scheme, scammers make millions of dollars daily.
What is the story of this child?
There are many ways to scam meme coins.
> There are several types of scams:
1. Live stream rug:
2. News rug: (It occurs immediately after any tweet from Trump, Musk, or any influential figure, a currency is created based on that tweet).
3. Copy rug scam: (an exact copy of a successful coin).
12-year-old boy is making waves in the#Cryptoworld.
how?
Stealing over $30k live on air!
But the crypto community decided to fight back.
On November 20, 2024, at 3:56 GMT
The child sold the token in his wallet of the currency he created, $QUANT.
He sold the quantity for nearly $30,000, after having created and purchased it just 8 minutes earlier for $350.
The quick profit reached $29,605.24 in just 8 minutes.
The story was circulated by well-known accounts, such as:
@AltcoinGordon (478k followers)
@pumpdotfun (200k followers)
@lookonchain (491k followers)
etc.
This collection of titles sold for over $1 million from $QUANT.
All of these addresses were purchased within 5 minutes of the token launch.
They are all linked through SOL or $QUANT transfers.
Fraud and rug-pulling have become a threat.
According to CipherTrace, cryptocurrency scams accounted for 99% of fraud in 2023, totaling $2.1 billion in losses.
Meme coins are often associated with these scams.
