InstaForex

November 2, 2021

SQUID Investors Become Victims Of ‘Rug Pull’, The Price Of This Crypto Plunges From $ 2800 To $ 0.0008!

 SQUID is officially reportedly leaving the crypto arena. SQUID inspired by the drama series from South Korea, Squid Game has sparked a worldwide phenomenon.


Inspired by the matter, last week, Squid Game (SQUID) crypto assets entered the crypto market and recorded a jump of 1,102.73% in 24 hours.


This SQUID was originally a special token of the Squid Game project-a crypto-based play-to-earn concept game. It is expected to take place in November 2021, starting with a special Beta version for 500 players only before being fully launched to the public.


But unfortunately this is only as good news as it looks when SQUID officially left the crypto market. The price of crypto assets has fallen from $ 2,800 to $ 0.0008 where this fall in price indicates that the project has been hit by a 'rug pull'. That is where those who are the masterminds of the project have used the ‘back door’ to liquidate assets and bring in profits.



Previously, many in the crypto community have expressed concern that the business model does not make sense. CoinMarketCap itself also warned by giving a ‘high risk’ mark to the token and stating that,


“CoinMarketCap has received several reports that users are unable to sell this crypto in Pancakeswap. Therefore, investors must be cautious ”.


⚠️ WARNING ⚠️


A new token, Squid Game (SQUID), inspired by the Netflix show, has posted 45,000% growth, but multiple investors are reportedly unable to sell.


The white paper is littered with poor grammar, spelling errors and claims that cannot be validated. #CryptoNews #crypto pic.twitter.com/JosLRlZROT


- Crypto Gem Finds (@CryptoGemFinds) October 29, 2021


At the time of writing, the project website is not working. At the same time it should be noted that there are other cryptocurrencies associated with SQUID and showing excellent performance. However, this incident can be taken as a ‘counter check’ to prevent unwanted things from happening.