In July 2026 new regime will go into effect in California, where Biesko’s family lives, requiring residents to obtain a permit to participate in “business activities in the field of digital financial assets”, including the exchange, transfer, custody or administration of certain cryptographic assets. President-elect Donald Trump also promised new regulations on cryptocurrencies. But for now, there are no regulations regarding cryptocurrencies.
“We find ourselves in a legal vacuum where there are no clear regulations,” says Andrew Gordon, partner at Gordon Law. “Once we know what is “in,” we will also know what is “out.” “Hopefully this will create an environment where rug-pulling doesn’t happen and when it does, it’s seen as a violation of criminal law.”
On November 19, as the evening drew to a close, livid messages continued to arrive, Biesk says. While some celebrated their son’s antics, urging him to come back and create another coin, others were threatening or aggressive. “Your son stole my fucking money.” he wrote one person on Instagram.
Biesk and his wife were still trying to understand how their son managed to earn so much money in such a short time. “I was trying to understand exactly how this cryptocurrency meme trade works,” Biesk says.
Some memecoin traders, sensing that there was money to be made by reversing the tide, created up-to-date coins on Pump.Fun inspired by Biesek and his wife: QUANTITATIVE DAD AND HOW MANY DO I HAVE?. (Both are now virtually worthless.)
Equally concerned and confused, Biesk and his wife hatched a makeshift plan: keep all public social media accounts private, stop answering their phones, and generally wait until everything clears up. (Bieska’s account was active at the time of writing). Biesk declined to comment on whether the family had contacted law enforcement or what would happen to the funds, saying only that his son would “save the money.”
A few hours later, the X account, which included Biesek’s son, posted a post on X in which he asked to stop contacting his parents. “I’m sorry about Quanta, I didn’t realize I was getting so much money. Please don’t write to my parents, I will pay you back [sic]”, read the post. Biesk claims that his son does not run the account.
Although concerned about this reaction, Biesk is impressed by the entrepreneurial spirit and technical capabilities his son has demonstrated. “It’s actually kind of an advanced trading platform,” he says. “Apparently he learned it on his own.”
Biesk theorizes that his teenager was able to earn $50,000 in an evening, which shows a fundamentally different approach to money and investing for children of this age, characterized by urgency and hyperactivity that goes against traditional wisdom.
“For me, crypto can be hard to understand because there’s nothing behind it – it’s nothing tangible. However, I think that children are more familiar with this elusive digital world than adults,” says Biesk. “This is directness for him. It’s almost like he understands it better.”
On December 1, after a two-week break, Biesko’s son returned to Pump.Fun to release five up-to-date memecoins, apparently undeterred by the abuse. Apart from the warnings contained in the very names of some of the up-to-date coins – one has been named test and another don’t buy—people bought it. Biesek’s son earned another $5,000.