Teen creates memecoin, dumps it, earns $50,000

Equally disturbed and bewildered, Biesk and his wife formed a provisional plan: to make all public social media accounts private, stop answering the phone, and, generally, hunker down until things blew over. (Biesk’s account is active at the time of writing.) Biesk declined to comment on whether the family made contact with law enforcement or what would happen to the funds, saying only that his son would “put the money away.”

A few hours later, an X account under the name of Biesk’s son posted on X, pleading for people to stop contacting his parents. “Im sorry about Quant, I didnt realize I get so much money. Please dont write to my parents, I wiill pay you back [sic],” read the post. Biesk claims the account is not operated by his son.

Though alarmed by the backlash, Biesk is impressed by the entrepreneurial spirit and technical capability his son displayed. “It’s actually sort of a sophisticated trading platform,” he says. “He obviously learned it on his own.”

That his teenager was capable of making $50,000 in an evening, Biesk theorizes, speaks to the fundamentally different relationship kids of that age have with money and investing, characterized by an urgency and hyperactivity that rubs up against traditional wisdom.

“To me, crypto can be hard to grasp, because there is nothing there behind it—it’s not anything tangible. But I think kids relate to this intangible digital world more than adults do,” says Biesk. “This has an immediacy to him. It’s almost like he understands this better.”

On December 1, after a two-week hiatus, Biesk’s son returned to Pump.Fun to launch five new memecoins, apparently undeterred by the abuse. Disregarding the warnings built into the very names of some of the new coins—one was named test and another dontbuy—people bought in. Biesk’s son made another $5,000.

This story originally appeared on wired.com.