By 21, Ben Pasternak was a Sydney wonder kid on the up. Having ditched school to pursue a life of start-ups in Manhattan, Pasternak had landed more than $91 million in investment for two businesses – a social media app and a plant-based chicken nugget maker. In a documentary about his life, he was described as “the boy who sold the world”.
Now 26, Pasternak is attracting a different kind of attention, accused of running an elaborate cryptocurrency scheme with allegedly deceptive tokens that siphoned millions of dollars. Known as rug pulls, these types of schemes involve developers hyping up a new token before suddenly abandoning it, leaving investors holding worthless currency.
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