Hawk tuah gets sued for crypto rug pull
(twitter.com)
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If this were done with a stock, it would be deemed a "pump-and-dump scheme" and everyone involved would have already been tried, convicted and sent to federal prison in a single afternoon.
But crypto ain't that, which is why it was invented. To have a technically legal means of baiting people into another pump-and-dump scam. There's no case law that applies to crypto, and if they bought it on an exchange, they likely agreed to an arbitration and indemnity clause that waives their right to sue. Like you said, "You bought dick girl's coin? Get fucked, nerd."
And its a really dicey place because half the value of crypto is to keep the Law and Government's hands off of it as much as possible.
But then that also leaves people very defenseless against predatory behavior like this, to a point where its a legit society level concern to let happen.
I don't have a good answer there, but its not an easy one side or the other debate.
Personally, I hate crypto. It's a giga scam and nobody will convince me otherwise. It's just dudes in the know "rug pulling" other dudes who think they know. And for what? Dollars. All that circus for "coins" that are bought, valued and sold for Dollars. At the end of day, none of it matters if you can't trade them in for good ol' American Greenbacks!
A bag of subway tokens has more value than your average shitcoint.
They are all just scams of trying to be the one guy who manages to screw a different guy over for profit. Its the same as the Stock Market Sharks who destroy entire companies for a quick buck, but this time the barrier for entry is low enough that regular guys can get in on it.
As you said, its all worthless until you can use them as currency like a Dollar, which leaves mostly just Bitcoin as anything but scams for chumps. And no one in these circles seems to be interested in "legitimizing" them in that way either.