Scammers Execute Traditional Rug-Pull on SQUID Token, Vanishing With Thousands and thousands


Following the success of South Korean survival drama collection Squid Recreation, a cryptocurrency known as the “Squidgame Money” or “SQUID,” devoted to the mini tv collection made it into the crypto-pool. The worth of this token nosedived by 99.99 p.c in current hours after SQUID creators managed to stunt out a basic “rug pull”. That is a rip-off the place builders abandon the venture and dupe buyers off their cash. The crypto-coin had registered a 300 p.c worth progress on October 30, however misplaced its worth from $2,800 (Rs. 2 lakh), to its present worth – which is $0.003347 (roughly Rs. 0.25).

The scammers are believed to have collected round $3.3 million (roughly Rs. 22 crore) with this venture, a report by Gizmodo claimed.

Impressed by the survival collection, a web-based model of the Squid Recreation was launched on-line, and to play the sport, members have been required to make use of the SQUID crypto token. Owing to the recognition of the Netflix collection, the SQUID tokens had was obtained out there with fireworks.

However instantly considerations arose across the legitimacy of this SQUID token as a result of solely buying the crypto-coin was allowed, however promoting it was not an choice.

The web site of the SQUID token which was registered on October 12, lower than even a month in the past, has now been rendered defunct.

“Now we have obtained a number of stories that the web site and socials are not purposeful and the customers aren’t in a position to promote this token in Pancakeswap. Please do your individual due diligence and train excessive warning. This venture, whereas clearly impressed by the Netflix present of the identical title, isn’t affiliated with the official IP,” a banner flashing on the CoinMarketCap says.

Whereas scammers accountable for this crypto rug-pull stay unidentified as of now, the event created ripples on social media.

This isn’t the primary time {that a} in style TV present was misused to rip-off its followers by infamous cybercriminals.

Earlier this yr, scammers focused the followers of Disney’s Mandalorian streaming present with a crypto-token known as “Mando” – that unfolded right into a pump-and-dump rip-off, information portals had reported on the time.

Earlier in April, a report had revealed that the full crypto crime in 2020 has amounted to round $10.52 billion (roughly Rs. 79,194 crores).

The identical report additionally highlighted that scams and frauds have plagued the crypto-space and are a serious downside that made for 67.8 p.c of the full cryptocurrency crime in 2020.

Analyst agency Chainalysis in a current report had revealed that no less than $815 million (roughly Rs. 6,135 crores) was despatched in crypto to rip-off tasks from Jap European nations between July 2020 and June 2021.

Taken with cryptocurrency? We focus on all issues crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Devices 360 podcast. Orbital is obtainable on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
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