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 moreWhich crypto was a rug pull?
The collapse of the Turkish cryptocurrency exchange Thodex is a prime example of a rug pull in crypto. The $2 billion dollar theft was one of the biggest crypto rug pulls of 2021. It is also one of the largest centralized finance (CeFi) exit scams in history.
Read moreWhat happened with Squid Game crypto?
A digital token inspired by the popular South Korean Netflix series Squid Game has lost almost all of its value as it was revealed to be an apparent scam . Squid, which marketed itself as a “play-to-earn cryptocurrency”, had seen its price soar in recent days – surging by thousands of per cent.
Read moreHow does a rug pull work?
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 moreWhy can’t I sell squid coin?
The parabolic rise of the SQUID token’s price is partially due to the project’s self-styled “anti-dump mechanism.” Holders are only able to sell SQUID equal to half the buying power of the trading pool .29 Eki 2021
Read moreWho developed squid coin?
Abhishek M . ” An engineer by profession, Abhishek is the creative producer of the team, graphic designing is his passion and travelling his get away. In more ways than one, he makes the content visually appealing.”22 Kas 2021
Read moreHow much did the Squid Game coin make?
With SQUID, its creators walked away with $3.4 million with an investment that’s unlikely to have cost them one-tenth of their theft returns.
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