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 much is a Rugpull Squid Game?
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.
Read moreWhat is the Crypto on squid games?
The cryptocurrency, called Squid , began trading early last week at a price of just one penny per token. In the following days, it drew attention from a number of mainstream media outlets. By early Monday, it was trading at $38 a token on a cryptocurrency exchange called Pancakeswap.
Read moreCan Ethereum rugs pull?
Rug pulls are usually executed by cruel scammers who construct hype around their coins and then abandon the project, sprinting away with the money. These cryptocurrencies are generally done on trustworthy utility blockchains like Ethereum or Binance Chain .11 Şub 2022
Read moreCan a Bitcoin rug pull?
Rug pulls are a lucrative scam in which a crypto developer promotes a new project—usually a new token—to investors, and then disappears with tens of millions or even hundreds of millions of dollars.2 Mar 2022
Read moreIs Luna rug pull?
Solana sees first rug pull: Luna Yield disappears with $6.7M in digital currency . The Solana blockchain has experienced its very first rug pull. Luna Yield ($LUNY), a yield aggregator launched via the Solana launchpad ‘SolPad,’ has disappeared with roughly $6.7 million worth of various digital currencies.
Read moreHow do you stop a rug from pulling?
To ensure you don’t fall victim to a rug pull, check the liquidity in a pool . However, this is only the first step. You must also check if there is a lock on the token’s pool. Most reputable projects lock pooled liquidity for a certain period.
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