Polygon co-founder Sandeep Nailwal has raised concerns about the rise of memecoin scams, such as the recent QUANT incident, potentially attracting regulatory scrutiny. Nailwal emphasized the risks in a post on Nov. 21, citing incidents that could trigger government intervention in the crypto space. The scandal involved a 13-year-old creating the memecoin Gen Z Quant (QUANT) on Pump.fun, leading to a surge in value before crashing. The teenager then launched two more tokens, profiting from rug pulls and sparking outrage among traders. Nailwal warned that such events tarnish the industry's reputation and may result in stricter regulations due to the speculative nature of memecoins. The ongoing crypto market rally has seen a wave of memecoin launches lacking utility, exposing investors to risks. Industry leaders like Nailwal stress the need for oversight to prevent further incidents that could harm the industry's image. Read more AI-generated news on: https://app.chaingpt.org/news

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