Teen streamer $Kid makes $30K in meme coin pump-and-dump scheme

A 13-year-old streamer, known online as "$Kid," is under fire after allegedly creating a meme coin and live-streaming a pump-and-dump scheme.

The coin, dubbed “Quant” ($Quant), skyrocketed in value when the young influencer promoted it, only to plummet after he sold off his holdings, reportedly making $30,000 from the sale.

The controversial livestream, where the child streamer executed the rug pull, quickly went viral, drawing both laughter and anger from the crypto community.

The incident has fueled outrage among many in the crypto-trading commmunity, as pump-and-dump schemes, where creators manipulate the price of a token for profit at the expense of investors, are widely regarded as fraudulent.

Following the Quant incident, the streamer allegedly created two additional meme coins, $Lucy (named after a dog) and $Sorry (following the rug pull). It remains unclear if any legal action will be taken against him.

The US Commodity Futures Trading Commission (CFTC) has issued a warning against engaging with such tokens, cautioning that individuals can file complaints if they suspect fraudulent activities.

While the crypto community remains divided, the episode highlights the growing intersection between streaming and cryptocurrency, with young influencers increasingly involved in digital finance.