Teen Brutally Rug Pulls Crypto Community, Pleads Them Not to Tell His Parents

"Please delete everything, don't write to the parents."

Enfant Terrible

A kid in his early teens made a small fortune after running a brutal crypto pump-and-dump scheme.

As Wired reports, California resident Adam Biesk's son launched 1 billion memecoins dubbed Gen Z Quant last month. He spent roughly $350 to buy 51 million tokens for himself.

The teen then streamed himself on the online coin launch platform Pump.Fun, leading to a sharp increase in the price of Gen Z Quant — much in the vein of the platform's name.

Hours later, the minor pulled the ripcord, cashing out with $50,000 worth of crypto in his pockets.

"No way. Holy fuck! Holy fuck!" he said at the time, as quoted by Wired. "Holy fuck! Thanks for the twenty bandos."

Naturally, the memecoin started crashing almost immediately following his dump maneuver — completing a classic rug pull, a scenario in which a project's founders relentlessly hype it up, only to pull the plug and grab some cash at the expense of actual investors.

The scheme has become extremely popular in the crypto world, an industry marked by a shocking number of scams operating within a legal vacuum.

Perhaps as expected, those who lost out on the teen's dubious scheme started looking for revenge, reportedly reaching out to Biesk's blindsided parents, whose phones started "blowing up."

"I'm sorry about Quant, I didn't realize I get so much money," the teen tweeted in the early morning hours the day after the coin's launch. "Please don't write to my parents, I will [sic] pay you back."

"Please delete everything, don't write to the parents," he reiterated in a followup.

Little Monsters

The details regarding the case of the teen rug pull remain somewhat murky. For instance, Biesk's father maintains that the account behind the tweets above was not being operated by his son.

Whether Biesk's son could be held liable for the scheme — which apparently didn't break any Pump.Fun rules since the teen never promised to hold onto his share long-term — is also a major legal grey area.

Despite his son absconding with tens of thousands of dollars, his father appeared surprisingly proud.

"It’s actually sort of a sophisticated trading platform," he told Wired. "He obviously learned it on his own."

To Biesk, it's perhaps an unusual quality of a new generation that grew up in the age of the internet from birth.

"To me, crypto can be hard to grasp, because there is nothing there behind it — it’s not anything tangible," he told the outlet. "But I think kids relate to this intangible digital world more than adults do."

His son has since launched five new memecoins on Pump.Fun, one of which is literally called "dontbuy."

More on rug pulls: We Are Shocked to Hear That the Hawk Tuah Girl's Foray Into Crypto Was Allegedly a Pump and Dump Scheme