The meme coin based TV show Squid Game looks to have ‘rug-pulled’. The price of the token went straight to zero after a massive rise over the last few days.
A massive number of investors started to jump on the $SQUID token following its launch on October 27.
Early suspicions regarding this cryptocurrency arose when investors reported they were unable to sell their tokens due to “innovative anti-dumping technology”, which restricted investors from swapping or selling their tokens and taking profits.
The price of $SQUID reached a high of $2,856 before crashing down to zero based on the CoinMarketCap website.
Unfortunately, despite the repeated warnings, investors continued to pile in money into the project and risk their capital in the speculative token.
Even before the price crash, numerous warnings appeared across social media that warned investors to away from the project due to the risks involved.
CoinMarketCap also posted a notice on its page for $SQUID, which informed users the coin may be a scam.
Then, similar to the TV show’s ‘Red Light, Green Light’ contest, the price dropped sharply after reaching a high of $2,850 – with the price crashing to zero after the game developers seemingly removed the liquidity and pulled the rug of the project.
Based on wallet activity, it seems like the developers of the token walked away with $2.5M of untraceable BNB coins after using Tornado Cash – a site used to privatise and hide transactions on the blockchain – to ‘clean’ the stolen funds.
The token’s website, Twitter and other social media platforms have also all been deleted. Too bad for the investors that lost their savings.