In a digital twist on youthful entrepreneurship, a US teenager recently made headlines by creating a memecoin and cashing out $50,000 in less than 10 minutes. The quick profit came at a cost: an intense online backlash from disgruntled traders and ethical debates surrounding the unregulated world of cryptocurrencies.
A Night to Remember: The Rise of Gen Z Quant
On November 19, a teenager living in California surprised even his parents with his unexpected crypto earnings. Adam Biesk, an art adviser, was at home when he overheard his son boasting about the fortune he had made. Initially dismissive, Biesk soon realized his son’s claims were true when the family was inundated with phone calls and angry messages.
The young innovator had launched Gen Z Quant, a memecoin, releasing 1 billion tokens while purchasing 51 million (5% of the supply) for about $350. Using the crypto platform Pump.Fun, he livestreamed the launch, drawing in curious investors. As more people bought into the coin, its price surged, netting the teen $30,000 in just eight minutes.
He wasted no time selling his holdings, pocketing the money while the token’s value plummeted. “Holy fuck! Thanks for the twenty bandos,” he exclaimed on the livestream, flipping double middle fingers to the camera. By the end of the night, he had repeated the process with two other coins—im sorry and my dog lucy—bringing his total earnings to over $50,000.
Soft Rug Pull or Savvy Trading?
The teen’s actions epitomize what is known in crypto circles as a soft rug pull: creating a token, promoting it, and selling off a large portion, causing its value to crash. While not outright illegal, such practices are widely criticized as unethical within the cryptocurrency community.
The backlash was immediate. Furious traders accused the teenager of scamming them, bombarding his family with calls and threats. Their personal details were doxxed and circulated on social media, exacerbating the chaos.
Some traders, seeking revenge, continued buying into Gen Z Quant, pushing its theoretical value to $72 million by 3:00 AM. Ironically, those who held on eventually saw gains, but the family endured a harrowing ordeal.
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A Platform for Risk and Reward
The teen’s success—and the subsequent fallout—was facilitated by Pump.Fun, a platform that simplifies the creation and trading of memecoins. Launched earlier this year, Pump.Fun has democratized access to memecoin creation, enabling users to mint tokens instantly and at no cost. The platform has attracted millions of users and generated $250 million in revenue through transaction fees.
However, Pump.Fun’s co-founder, known pseudonymously as Sapijiju, acknowledges the challenges of curbing unethical behavior like soft rug pulls. While the platform provides tools to assess risk, it cannot entirely prevent exploitative practices. “There’s always a way to circumnavigate the rules if you’re smart enough,” said Sapijiju.
Memecoins: A Double-Edged Sword
Memecoins have been a volatile yet popular segment of the crypto market since the debut of Dogecoin in 2013. Often tied to internet culture and speculative trading, these tokens can yield rapid gains—or catastrophic losses. The advent of platforms like Pump.Fun has further blurred the line between playful experimentation and financial exploitation.
Critics argue that memecoins encourage reckless gambling, especially among inexperienced traders. Experts like Ido Ben-Natan, founder of crypto security firm Blockaid, describe the space as “immature” and rife with scams.
“The overwhelming majority of new crypto tokens are designed to siphon money from buyers,” said Ben-Natan. While Pump.Fun aims to level the playing field, its rapid growth has outpaced efforts to ensure user protection.
Legal and Ethical Questions in a Regulatory Vacuum
The legal implications of the teenager’s actions remain murky. In the absence of clear crypto regulations, practices like soft rug pulls occupy a gray area. Under California law, minors cannot invest in stocks or gamble, but cryptocurrency trading remains largely unregulated.
Legal experts highlight that while the teen may not have explicitly broken laws, he could still face scrutiny under fiduciary duties to investors. “The developer is in a position of trust and must place the interests of his investors over his own,” said Geoffrey Berg, a partner at Berg Plummer & Johnson.
Upcoming regulations, including a California licensing regime for crypto businesses set to take effect in 2026, may bring greater clarity. Until then, the lack of oversight leaves room for both innovation and exploitation.
A Parent’s Perspective
For Biesk, the ordeal was both alarming and perplexing. He expressed a mix of pride and concern over his son’s entrepreneurial spirit and technical acumen. “It’s actually sort of a sophisticated trading platform,” he said. “He obviously learned it on his own.”
At the same time, the family grappled with the moral and emotional weight of the backlash. The abuse they received online was a stark reminder of the risks involved in navigating uncharted financial territory.
A Future in Crypto?
Despite the controversy, the teenager appears undeterred. Two weeks after the Gen Z Quant incident, he returned to Pump.Fun, launching five new memecoins. Among them were tokens humorously named test and dontbuy, which still attracted buyers. He reportedly earned an additional $5,000 from these ventures.
The story underscores the generational divide in attitudes toward digital assets. While older generations may view crypto with skepticism, younger individuals like Biesk’s son see it as an integral part of their digital world.
“To me, crypto can be hard to grasp because there is nothing tangible behind it,” said Biesk. “But I think kids relate to this intangible digital world more than adults do.”
As the crypto landscape continues to evolve, the teenager’s exploits serve as both a cautionary tale and a testament to the possibilities—and perils—of decentralized finance.
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