With Bitcoin hitting a value of 100K last week, everyone is looking for the next big opportunity to make some easy cash with crypto. However, more and more people are falling for crypto scams and losing a lot of money. Keep on reading to discover how a 14-year-old was able to make 46.000€ in just a few minutes using crypto.
14-year-old launches his own crypto coin
A 14-year-old boy in California created his own cryptocurrency called Gen Z Quant. However, his intentions were not to make this coin valuable enough to be used in everyday life. After launching the coin, he dumped some of his assets and caused a price crash. In the crypto world, this is called a soft rug pull. As a result, the teen made over 46.000 euros in a couple of minutes.
Afterward, other investors who lost their money reacted strongly to his actions. The teen and his family received threats and were doxxed a couple of times. Even though he basically ensured that other people lost their money, his parents praised him for being so advanced with technology.
He can do it multiple times
Currently there are no real rules on investing in crypto or launching your own coin. So what the kid did was technically not illegal, but morally wrong. However, it seems like the kid didn’t feel any guilt for the people who lost their life savings on the coin. After his first crypto “scam,” he was able to do it again, earning another 4.600 euros.
It’s definitely not the first time that people have been scammed like this. For example, Hawk Tuah-girl launched her own crypto coin as well, and it blew up. However, when the coin reached a higher value, her team started to sell their coins fast to make a lot of money, leaving her fans with huge losses on their investments.
