Friday Squid Blogging: Squid Game Cryptocurrency Was a Scam
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.
I don’t know why anyone would trust an investment—any investment—that you could buy but not sell.
As usual, you can also use this squid post to talk about the security stories in the news that I haven’t covered.
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