CandleFocus Polygon's Sandeep Nailwal warns memecoin rug pulls like QUANT may invite regulatory crackdown
2024-11-21
Author: Content Editor
Sandeep Nailwal, co-founder of Ethereum layer-2 network Polygon, has expressed concerns that the increasing number of memecoin scams could attract regulatory attention. He cited recent incidents, including a scandal involving a 13-year-old who created a memecoin on the Solana-based platform Pump.fun and made significant profits before crashing the token's value. Nailwal warned that such scams tarnish the reputation of the crypto industry and could lead to stricter regulations. The current rally in the crypto market has led to a surge in memecoin launches, which often lack utility and are susceptible to pump-and-dump schemes.
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