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🤯 The wild ride of crypto’s youngest rug puller

+ Bulls are in CHARGE!

GM, frens! ☕️ 

Bet you also can feel a rare calm in the air - one of hope, not hesitation.

The market feels lighter, as if the weight of doubt has shifted to the shadows. Green shoots of positivity are sprouting everywhere, reminding us that in crypto, even small steps forward can spark something bigger ☘️ 

Today, we’re discussing:

  • 🤪 The wild ride of crypto’s youngest rug puller

  • 🐂 Bulls in charge: $2.8B weekly inflows signal a big shift

  • 🤡 Razzlekhan: coin scams, cringy rhymes, and consequences

  • 🥳 “Bye, Gary!” - SEC Chair will resign in January

Our W3oF Degen Portfolio got back to its halfway mark - $500 in the bag - and yet it still remains stubbornly grounded:

Don’t forget to join the conversation in our #Web3-On-Fire chat room over on Ambire Discord. Let’s hear your thoughts on where we’re headed next! 💬

The wild ride of crypto’s youngest rug puller

Have you thought about getting rich at 13?

Probably, but one enterprising teenager decided to skip lemonade stands and head straight into crypto pump and dumps.

Check out this 13 year old behind one of the most idiotic rug stories the degens have ever witnessed 👇️ 

  • It started with Gen Z Quant, a token the boy launched on the Pump.Fun platform 💊 

  • Degens, ever-hungry for quick flips, jumped in headfirst. Within minutes, the price pumped by 260%.

  • The boy yanked the rug, dumping his stash and walking away with $30,000, leaving his buyers with empty bags and shattered dreams.

The fun part is that the kid behind the token wasn’t just sitting back and enjoying his gains - he livestreamed the entire operation 🤡 

At this point, the bags were dumped, and the community took over, driving the token’s market cap to an insane $70, and then $125 million. In this moment, the kid’s initial $30K profit had ballooned into a $2.4 million war chest, all because of his attitude.

But this isn’t just a story of one kid’s audacity - it’s a reflection of how wild the crypto world can get. Degens, in true form, didn’t just get mad - they also got creative, in a bad way.

  • The community dug up the boy’s social media, doxxed his family, and even tracked his school 🤦‍♂️ 

  • Soon, parody tokens started popping up - QUANT DAD, QUANT SIS and QUANT MOM, complete with profile pictures of the family and their pets.

  • According to some reports, the boy’s family dog even got kidnapped by degens shortly after 🤯 

It wasn’t just the livestreams that rubbed people the wrong way - it was the blatant disregard for the consequences.

The boy turned what could’ve been a simple scam into a public spectacle, showcasing just how far crypto culture can stretch its limits. And as the token cratered, the boy’s livestreams became a highlight reel of greed, chaos, and misplaced trust 🫢 

Just hopefully, a kidnapped dog is where this story ends. C’mon degens, just call the police instead or something.

Bulls in charge: $2.8B weekly inflows signal a big shift

Crypto is back with a bang, and it’s not just whispers in the wind this time 👀 

A mind boggling $2.8 billion inflow into digital asset funds last week has the space buzzing. At the forefront, BTC flexed its dominance, surging to an ATH of $99,000.

This isn’t just a bull run - it’s a full-on charge led by institutionals and a fresh wave of optimism in the markets 🪙 

Interestingly enough, while whales are stacking sats and institutional players are doubling down, retail investors appear hesitant to join the party. With BTC’s reserves on exchanges hitting a six-year low, whispers of a looming supply shock are turning into a roar. The stage is set - now the question is: how high can this rocket fly?

Breaking down the $2.8 billion tsunami

Let’s zoom in on the numbers.

  • The U.S. is leading the charge, accounting for more than $2 billion of the total weekly inflow. This overwhelming majority reflects the growing appetite for digital assets among American investors, spurred on by regulatory clarity and institutional adoption 💵 

  • Meanwhile, Hong Kong, Australia, and Canada made their contributions, adding $27 million, $18 million, and $13 million, respectively.

  • On the flip side, investors in Sweden and Germany are singing a different tune, opting to take profits instead of holding for the next leg up. Regional outflows from these countries totaled $58 million and $6.8 million, highlighting that not everyone is betting on the bulls just yet.

Even Ethereum products, despite a rough year, are showing signs of recovery, proving that the good ol’ gas guzzler still has its loyal fanbase.

Retail’s role: missed the bullrun?

Despite the fireworks, retail investors seem to have missed the bullrun 🫣 

Wallets holding between 1 and 10 BTC have seen a steady decline, suggesting smaller players are cashing out or avoiding the volatility altogether.

In contrast, whale wallets (those holding over 100 BTC) are growing, signaling that the current rally is largely being driven by deep-pocketed investors.

This shift in market dynamics could explain why the rally feels different from previous bull runs. The absence of retail might be why the market isn’t overheating. Yet 👀 

With ETFs offering easier access to BTC and some alts for retail investors, this trend could change quickly if the FOMO kicks in. The current bull run paints a picture of a maturing market, where institutional players are setting the pace, but that also means the crypto market's full potential is yet to be unleashed 🐂 

Rap bars & billion dollar scams: the fall of crypto’s top cringe rapper

In the crypto world, where innovation and r*tardation usually go hand in hand, Heather “Razzlekhan” Morgan managed to carve out her own bizarre niche.

With rap videos straight out of a fever dream and a trail of stolen BTC worth billions, she became a walking contradiction - part self proclaimed “Crocodile of Wall Street,” part internet meme 🤡 

But as of last week, Razzlekhan’s freestyle days have hit a pause. A federal judge handed her an 18-month prison sentence for her role in laundering crypto tied to the infamous Bitfinex hack 👇️ 

  • Before her arrest, Morgan was a Forbes contributor and a self-styled entrepreneur. She wasn’t just laundering Bitcoin - she was laundering her reputation, dropping cringeworthy rap tracks like Versace Bedouin to project her “artistic genius.” Spoiler: the space didn’t buy it.

  • Her partner-in-crime and husband, Ilya “Dutch” Lichtenstein, wasn’t just her hype man. Together, they were the Bonnie and Clyde of blockchain, accused of moving billions in stolen Bitcoin through intricate money laundering schemes that would make any tax agent’s head spin 🪙 

The Netflix plotline writes itself

If the story feels like it’s pulled straight from a Netflix pitch, you’re not wrong 🤦 

The couple’s escapades are set to be immortalized in an upcoming docuseries. It’s unclear if the producers are aiming for a crime thriller or an unintentional comedy.

One of her greatest hits is her claiming she’s not just another rapper, but “an economist, a writer, and a thought leader.” Whether that was before or after she was caught trying to launder Bitcoin in hardware wallets disguised as hollowed-out objects, we’ll leave you to decide 🫠 

Morgan has promised that her prison stint won’t dull her creative spark. In a statement, she declared plans to “share her story” and reflect on her “endeavors.” Here’s hoping those endeavors include apologizing for her rap career.

Meanwhile, crypto Twitter had a field day. Some users joked that prison bars might inspire her best work yet. Others couldn’t decide what was more shocking - the billions in stolen Bitcoin or the sheer audacity of her rap persona.

“Bye, Gary!” - SEC Chair will resign in January

The day has finally come. Gary Gensler, the crypto world’s most saltiest and baldest villain, is set to step down as SEC Chair in January 2025.

This feels less like news and more like the long-overdue conclusion to an exhausting saga 😮‍💨 

The man who made “regulation by enforcement” his personal mantra is finally leaving the building - and the community is already throwing a virtual farewell party 🫡 

The reign of terror

  • Under Gensler’s leadership, the SEC became the grim reaper of crypto. Over 100 enforcement actions, lawsuits flying left and right, and a refusal to give clear guidelines - all of it left the industry feeling like it was navigating a minefield in the dark.

  • His tenure was marked by a relentless crackdown on innovation, with major targets like Ripple and Coinbase bearing the brunt of his “investor protection” mission.

  • For many, Gensler wasn’t a regulator - he was a wrecking ball, swinging indiscriminately at anything remotely blockchain-related. Instead of fostering growth or providing clarity, he seemed intent on painting crypto as a threat, pushing companies to pack their bags and set up shop overseas.

Gensler’s exit aligns with the upcoming administration shift, and let’s just say it’s looking way more crypto-friendly. With President-elect Donald Trump’s team talking about appointing pro-crypto regulators and even floating the idea of a White House office dedicated to crypto policy, the vibes are definitely shifting 🍊 

Also, rumor has it that Summer Mersinger, a pro-crypto commissioner at the CFTC, could play an important role in this. Unlike Gary’s iron-fisted approach, Mersinger has a reputation for promoting innovation alongside regulation.

As a potential head of CFTC, could she be the break the industry’s been waiting for?

And let’s be real - Gensler’s departure is more than just a personnel change. It’s a chance to rewrite the rules of engagement between regulators and the crypto community. The U.S. has been losing its edge in blockchain innovation, thanks in no small part to the SEC’s aggressive tactics. But with new leadership, there’s hope for a more collaborative approach that prioritizes clarity, fairness, and, dare we say it, common sense.

As January 20 approaches, the memes are flowing, the champagne’s on ice, and the sentiment is unanimous: don’t let the door hit you on the way out, Gary 🥳 

Other worthy reads

Sound advice from AgentChud (in crypto, we’ve all been there (or near) more than once):

And important milestone for Tether 🫡 :

A quick rundown on AI meta under current conditions:

MEMES

That's all for now, frens.

We'll meet in a week! And remember, the market conditions are temporary, but our commitment to building a better DeFi is here to stay. Thanks for joining us, and we look forward to seeing you back next week. Cheers!

Yours, The 🔥 Team

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