The nameless scammers behind a Squid Recreation cryptocurrency have formally pulled the rug on the venture, making off with an estimated $2.1 million. Buyers had been in a position to buy the crypto however couldn’t promote it.
The SQUID cryptocurrency peaked at a worth of $2,861 earlier than plummeting to $0 round 5:40 a.m. ET., based on the web site CoinMarketCap. This sort of theft, generally known as a “rug pull” by crypto buyers, occurs when the creators of the crypto shortly money out their cash for actual cash, draining the liquidity pool from the change.
The SQUID crypto coin was launched simply final week and included loads of crimson flags, together with a three-week previous web site crammed with weird spelling and grammatical errors. The web site, hosted at SquidGame.money, has disappeared, together with each different social media presence arrange by the scammers.
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