A rug pull is where fraudsters hype up a non-fungible token (NFT) project using social media, only to make away with the money once users put their money into the project .
Read moreHow long does a rug pull take?
Another major characteristic of a possible rug pull is a coin skyrocketing in price within hours. For example, a rug pull coin can move from 0 to 50X within 24 hours . This trick is meant to drive FOMO that leads more people to invest in the token.
Read moreWhat happened to the Squid Game coin?
Apparently, the founders of the currency disappeared with several $million with the token’s website and whitepaper taken offline . Twitter has temporarily restricted the account due to “suspicious activity” and for some investors, it’s ‘game over’.
Read moreWhy do squid coins fall?
Squid, the latest “meme coin” sensation in cryptocurrencies inspired by the Netflix hit series “Squid Game”, lost all its value on Tuesday in what major news publications called an “apparent scam”.
Read moreWhat happens to Squid Game coin?
How and why did SQUID game crash? Creators of the viral Squid Game cryptocurrency, who remain anonymous sold their coins causing its price and value to plummet, walking away with $3.4 million . This left other traders and coin holders’ stocks and shares ultimately worthless.
Read moreHow do I get the squid meme coin?
To purchase Squid coin, investors had to be connected to a decentralised platform known as PancakeSwap . Unlike large cryptocurrency exchange platforms such as Coinbase, which is registered by US and European regulators, DeFi projects like PancakeSwap avoid a third party and so anonymity is often possible.
Read moreWhat is the Squid Game token?
According to the squid project’s whitepaper, the token is a play-to-earn cryptocurrency inspired by the South Korean streaming series where contestants play games that can end in riches or death .
Read more