Squid Video games token artwork used throughout their crypto marketing campaign
The Squid Video games coin saga is a stark illustration of one in every of the most prevalent scams in the world of cryptocurrency, generally known as a “rug pull.”
NEW YORK , NEW YORK, UNITED STATES, September 8, 2023/EINPresswire.com/ — The Squid Video games coin saga serves as a stark illustration of one in every of the most prevalent scams in the world of cryptocurrency, generally known as a “rug pull.” This scheme usually unfolds when builders introduce a brand new token, typically linked to a extra established cryptocurrency like Ether or Binance Coin, onto a minimally regulated change. Subsequently, they make use of varied techniques to generate hype round the token, typically leveraging standard platforms like Telegram or Discord to entice people into buying it with the expectation of considerable value appreciation.
As soon as unsuspecting traders change their cryptocurrency for these doubtful tokens, the builders execute a swift withdrawal of all the pooled funds used to amass the tokens. Consequently, the token’s worth plunges precipitously, typically dwindling to nothing.
SQUID was billed as a coin that can be utilized for a brand new on-line sport impressed by the standard Korean language collection, which is predicated on a lethal event of kids’s video games. Sarcastically, regardless of knowledgeable warnings that SQUID bore the hallmarks of a rip-off, a frenzied rush of traders triggered the token’s value to surge from a mere 1 cent to almost $3,000 in beneath every week. Nevertheless, in early November 2021, the venture’s builders walked away with an estimated $3.38 million. Dealing with public backlash, the coin builders wrote on their Telegram channel, “Squid Sport Dev don’t wish to proceed operating the venture,” saying they had been “depressed” by scammers and “overwhelmed with stress.”
The coin continues to be tradable on decentralized exchanges however was final buying and selling at $0.005931 at the time of writing.
Sean Fischer
The Dopel Group
+1 734-280-3830
contact@thedopelgroup.com
