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Squid Game Crypto Rug Pull

The anonymous scammers behind a Squid Game cryptocurrency have officially pulled the rug on the project, making off with an estimated $2.1 million. Investors were able to purchase the crypto but couldn’t sell it. The SQUID cryptocurrency peaked at a price of $2,861 before plummeting to $0 around 5:40 a.m. ET., according to the website CoinMarketCap. This kind of theft, commonly called a “rug pull” by crypto investors, happens when the creators of the crypto quickly cash out their coins for real money, draining the liquidity pool from the exchange. The SQUID crypto coin was launched just last week and included plenty of red flags, including a three-week old website filled with bizarre spelling and grammatical errors. The website, hosted at SquidGame.cash, has disappeared, along with every other social media presence set up by the scammers. Patrick's Books: Statistics For The Trading Floor: https://amzn.to/3eerLA0 Derivatives For The Trading Floor: https://amzn.to/3cjsyPF Corporate Finance: https://amzn.to/3fn3rvC Patreon Page:   / patrickboyleonfinance   Visit our website: www.onfinance.org Follow Patrick on Twitter Here:   / patrickeboyle   Patrick Boyle On Finance Podcast: Spotify: https://open.spotify.com/show/7uhrWlD... Apple: https://podcasts.apple.com/us/podcast... Google Podcasts: https://tinyurl.com/62862nve Join this channel to support making this content:    / @pboyle