The SQUID coin is set to make a comeback one year after one of the biggest rug-pulls in crypto history, but developers are still at large.
The SQUID coin launched on Binance SmartChain last year to much fanfare, rekt more than 40,000 investors as it rose from $0.01 to about $3,000 in six days, then plummeted to zero.
SQUID developers rug-pull
Developers released the SQUID project while a Netflix show called Squid Game was rapidly growing in popularity and targeted GenZ and millennial investors looking for quick returns. Netflix confirmed that the project is not officially affiliated with the show.
According to Katherine Wooler at U.K. crypto company Dacxi, the team capitalized on the Netflix show’s focus on games. In Squid Game, cash-strapped adults play children’s games for the chance to win a cash prize and gain worldwide fame. Similarly, the developers attracted investors by offering a play-to-earn game where they could earn marbles needed to sell their SQUID.
After the coin price skyrocketed, the developer team behind the project drained all liquidity, making off with about $3.3 million. One Twitch streamer caught the rug-pull on a live stream in real-time. In the video, the coin’s market cap dropped from $2.2 trillion to almost zero instantaneously.
Developers disappear after using Tornado Cash
The project had numerous red flags, including a website replete with grammatical errors and an anti-dump mechanism that made it harder to sell…
