Pump.Fun Co-Founder's Coin Scam

This is a news story, published by Wired, that relates primarily to Dylan Kerler news.

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Wired

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Business

Business & Economics

He Built Memecoin Factory Pump.Fun. Did He Make a Small Fortune Dumping His Own Shitcoins as a Teen?

Summary

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79% Informative

A WIRED investigation identified eight coins launched by an individual using the name Dylan Kerler in 2017 .

Two of the coins, eBitcoinCash and EthereumCash , tumbled in price, leading investors to allege that the developer had performed a rug pull.

Kerler earned as much as $75,000 worth of cryptocurrency at 2017 prices, an analysis by crypto security firm CertiK indicates.

An ICO , or initial coin offering, is a type of fundraising mechanism that became popular among crypto startups in part because it did not involve giving away equity.

The boom was largely characterized by grift and chicanery, analysts say, before financial regulators eventually cracked down on the practice.

One of those crypto wallets, whose alphanumeric identifier begins in 0x7f3E2 , was then used to sell large quantities into the market, a CertiK analysis shows.

The sales coincided with a catastrophic fall in the price of the asset, which sank by 87.9 percent .

On Telegram and BitcoinTalk , panic began to spread.

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English

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