The term “rug pull” refers to unknowing investors “having the rug pulled from underneath them” by the creators or developers of a cryptocurrency . This can take a number of forms, but the most common type of rug pull is the liquidity scam, which most commonly takes place on decentralised exchanges (DEXs).
Read moreWho invented squid coin?
John Lee couldn’t believe his luck. The $1,000 investment he made in Squid, a new cryptocurrency project inspired by the dystopian Netflix drama “Squid Game,” had skyrocketed in price. But within five minutes Monday, his money disappeared.3 Kas 2021
Read moreHow much was Squid Game coin worth?
Hartford’s initial $300 investment was worth $200,000 as the Squid Game coin rose to $600 per token . It’d eventually rise to a peak of $2,861, which would make Hartford just short of $1 million. In theory. In reality, the whole thing was a scam.2 Kas 2021
Read moreHow much did Squid Game rug pull?
The cryptocurrency Squid Game (SQUID) immensely collapsed in price. The developers appear to have created a scam, cashing in on more than $3 million . The creators of the Squid Game crypto are sitting pretty following a “rug pull” scam that took profits from tricked investors.10 Kas 2021
Read moreHow did Squid Game rug pull work?
Rug pull: Creators drained liquidity from coin As per the reports, the anonymous creators of Squid Game coin sold their entire holdings rapidly on Sunday, bringing down the coin’s value to $0, a phenomenon described as “Rug Pull” in financial parlance.
Read moreCan we sell squid Crypto?
The CoinMarketCap website says a ‘We have received multiple reports that the website and socials are no longer functional and users are not able to sell this token . There is growing evidence that the project is rugged. Please do your own due diligence and exercise extreme caution. ‘
Read moreCan you sell Squid Game coins?
Holders can’t sell their asset But you need to pay more marbles than the SQUID token is worth to sell it so you end up losing money.” On Twitter, the reaction is no different as several commentators have been making fun of holders of the coin for not “reading the white paper of the token.”1 Kas 2021
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