TL;DR
A crypto gambler lost $3.3M in a memecoin rug pull linked to Argentina’s president. The incident highlights the dangers of hype, FOMO, and the pervasive scams in the unregulated crypto market.
Story
Another Valentine’s Day massacre, but this time, it wasn’t Cupid’s arrows—it was a shitcoin rug pull. One naive “degen” (‣ degen: short for “degenerate,” referring to gamblers addicted to risky crypto investments) lost $3.3 million in two hours, thanks to a memecoin linked to Argentina’s president, Javier Milei.
The setup was classic pump-and-dump (‣ pump-and-dump: artificially inflating an asset’s price before dumping it, leaving late buyers with losses). Milei tweeted about the project, generating hype. Our degen, blinded by FOMO (‣ FOMO: “Fear Of Missing Out”—the anxiety that drives impulsive decisions), piled in. The price soared… then crashed. Like a house of cards built on hot air, the scheme collapsed. Within hours, millions vanished.
This echoes countless past scams, from the tulip mania (‣ tulip mania: 17th-century speculative bubble in tulip prices) to the 2008 subprime crisis (‣ 2008 subprime crisis: widespread mortgage defaults triggered by risky lending practices). Greed fuels these bubbles, blinding people to the obvious risks. Like moths to a flame, they chase quick riches, ignoring the inevitable burn.
Milei later deleted the tweet, claiming no involvement. Whether he was directly involved or simply exploited, the damage is done. Our degen’s story isn’t unique; it’s a cautionary tale of speculation, hype, and the dark side of the crypto Wild West. This is why skepticism is your best friend in the crypto world—because ‘guaranteed returns’ are often just polished lies.
Advice
In crypto, assume everyone is trying to take your money. Research thoroughly, be skeptical of hype, and never invest more than you can afford to lose.