Was the Squid Coin rug pull the greatest of all times? A rug pull is when investors come up with a faulty asset and sell it to people for money leaving the investors with the no use case value asset. In the crypto world, developers create a cryptocurrency with no use case, hype the coin, and then massively cash out, for example, Squid Coin.
Squid Coin Rug Pull
A recent movie release by Netflix with the name “Squid Game” became the talk of the internet. Seizing this opportunity, developers decided to create a coin with the name “Squid Coin,” knowing that everyone would assume the currency is of a Netflix origin, who intend to promote the movie further.
The Rug Pull
It is fitting to say that the developers used insights from the movie to play a game on crypto investors. They made away with $4.3 billion of investor money. Squid Coin is designed as a “play-to-earn” cryptocurrency, just like Axie Infinity, where crypto traders buy tokens and play games within the crypto metaverse to increase wealth.
The launch of the coin saw a massive rise and response from the Crypto community. Just Tuesday last week, the currency was trading at a price before its rise to $11 on Friday the same week, a more than 90,000% pump. The market capitalization of the coin also grew from nothing to 5 billion dollars.
Hoax Twitter and Web pages
We suppose that the movie blinded millions of fans who jumped into the game without cross-checking its social media sites. The website, which is deactivated for now, has grammatical and spelling errors. The key message was encouraging users to join in the hype. The Twitter account was equally the same and kept encouraging investors by informing them how the creators evaluate their value and love.
No Cash-Out Option
The biggest red flag was the “no-cash out” option. Who in their right mind would get into an asset screaming no cashouts? The truth is, we’ve all been victims here and there, and we cannot blame anyone. The crypto markets can make anyone a billionaire overnight, so it was worth attempting, especially after the three-day massive pump. Netflix neither made any public announcements or associations with the coin, a company that takes pride in advertising everything before time.
Sad Aspiring Billionaires
Easy come easy go; The Squid Coin creators woke up on Monday and flipped the off switch. The creators cashed out the $5 billion and left investors helpless and with the no use-case coin. The investors used a blockchain to hide transactions movements from the Wallet Tornado cache; hence the BnB cash out was untraceable. The coin now sits at $0.08337 with sad investors. Truly, the Squid coin Rug pull is the greatest of all time.
Hope After the Squid Coin Rug Pull
However, it is not the end. There’s still light at the end of the tunnel. We’re still in a Bullish season, and November’s price prediction is $98,000. There are alternative altcoin and legitimate “shitcoins” to make up for the loss incurred. Crypto traders should be more careful when getting into cryptocurrency investment schemes; they should do thorough research.