Netflix’s Squid Game is all the fad today, and in case you’ve been looking social media the previous few days, you’ll discover how bulk of Halloween costumes this 12 months are primarily based on the hit Korean TV sequence. This is why we are able to’t say we’re shocked that it additionally impressed its personal cryptocurrency.
Given that crypto like Dogecoin was initially created as a meme crypto, we suppose it didn’t actually increase that many crimson flags when the SQUID crypto was launched as effectively. Unfortunately for individuals who have been hoping to get in on the bottom flooring, it seems that this was an enormous rip-off through which the scammers made off with $2.1 million.
Gizmodo was the primary to report that this was a rip-off, however apparently many individuals didn’t get the message as lots of people invested their cash into it. The crypto noticed its worth rise to $2,861 earlier than it plummeted to $0 in what is named a “rug pull”, the place the creators of a cryptocurrency shortly money out their cash for actual cash, successfully inflicting the crypto to lose all of its worth.
As Gizmodo identified, there have been truly a whole lot of crimson flags that urged that this was a rip-off from the beginning. This included how the crypto allowed customers to purchase in however not money out, a Telegram channel that didn’t permit feedback from outsiders, and a Twitter account that customers couldn’t reply to.
This is just not the primary crypto rip-off that we’ve seen and we doubt that will probably be the final, however given the profitable nature of cryptocurrency, particularly bitcoin, it’s not arduous to see why individuals are fast to purchase into them.
Filed in . Read extra about Cryptocurrency. Source: gizmodo
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