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SQUID Crashes Over 100% to $0.0008

Ruby Layram
Ruby Layram
Ruby Layram
Author:
Ruby Layram
Crypto Content Editor
Ruby is a seasoned Editor with 5 years of experience working in the cryptocurrency space. She currently works as a Crypto Content Editor for BanklessTimes with a focus on creating informative content that helps our readers navigate cryptocurrency with confidence. Ruby discovered crypto whilst working as a freelance writer at University. She has been passionate about shedding light on crypto and DeFi through valuable content ever since. Before joining the team at BanklessTimes, Ruby worked on a number of established finance sites including The Motley Fool, TradingPlatforms.com, StockApps, ICOBench, and MoneyMagpie.com.
January 31st, 2023

Yesterday, SQUID coin rose by 45,000% to $4.5. However, within the space of just 5 minutes, the price saw a dramatic decline of over 100% to $0.0008. The crash occurred due to a pump and dump scam, in which developers rug pulled the coin. 

Investors have been left with nothing after the developers of the SQUID project sold all of their coins in a flash earlier this morning. This huge sale caused the price of SQUID to plummet, as developers ran off with profits from their sales. 

Following the fall, the project’s Twitter and Medium accounts were shut down and developers were reported to have left the project entirely. 

False claims 

The SQUID token was originally created to support a real-life Squid Game tournament. The tournament was meant to follow the structure of Netflix’s hit show Squid Game, appealing to a number of fans who wanted to play the games for themselves. 

After a large amount of hype about the project spread across social media, it seems that the virtual Squid Game tournament is no more. Those who invested into the coin had hoped to use their investment to win a much larger prize; however, now they are left with nothing. 

What will happen to SQUID now?

This latest scam shows just how risky it can be to invest in an over-hyped cryptocurrency. The developers of SQUID have left the project and investors have been left largely in the dark. 

Early on Monday, Twitter user @_tricck flagged the developers of the SQUID project, claiming that they had rug pulled holders. This claim is supported by data from BscScan, which shows that a web address linked with the rug pull dumped SQUID tokens and cashed out millions of dollars worth of BNB. 

SQUID is not the only token inspired by the Netflix drama. Squid Game Protocol, squidgametoken, and squidanomics all experienced price declines over the last 24 hours following the SQUID coin scam. 

As of now, pump and dump scams are not illegal for cryptocurrencies. This means that those involved with the scam are likely to get away with the fraud, reaping the profits by investing in higher-value coins. 

Contributors

Ruby Layram
Crypto Content Editor
Ruby is a seasoned Editor with 5 years of experience working in the cryptocurrency space. She currently works as a Crypto Content Editor for BanklessTimes with a focus on creating informative content that helps our readers navigate cryptocurrency with confidence. Ruby discovered crypto whilst working as a freelance writer at University. She has been passionate about shedding light on crypto and DeFi through valuable content ever since. Before joining the team at BanklessTimes, Ruby worked on a number of established finance sites including The Motley Fool, TradingPlatforms.com, StockApps, ICOBench, and MoneyMagpie.com.