In less than 10 minutes, a US teen made a small fortune selling off a memecoin he’d made on a lark. Traders, feeling swindled, sought revenge.
Initially, Biesk ignored it. He knew that his son played around with crypto, but to have turned a small fortune before bedtime was too far-fetched. “We didn’t really believe it,” says Biesk. But when the phone started to ring off the hook and his wife was flooded with angry messages on Instagram, Biesk realized that his son was telling the truth—if not quite the full story.
The important thing is creating an interface that is as simple as possible and giving the tools for users to see if a coin is legitimate or not.” The “overwhelming majority” of new crypto tokens entering the market are scams of one form or another, designed expressly to squeeze money from buyers, not to hold a sustained value in the long term, according to crypto security company Blockaid. In the period since memecoin launchpads like Pump.
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