The value of squid recreation (SQUID), a token broadly suspected of being a rug pull or a type of exit rip-off, is as soon as once more on the rise, with triple-digit share returns seen up to now 24 hours.
Based mostly on an alleged play-to-earn recreation with the identical identify as a preferred collection on Netflix, the SQUID token crashed to close zero on Monday this week after what has been described as one of the vital spectacular pump-and-dumps in crypto historical past.
The token and the associated recreation raised a number of pink flags which have been apparent for anybody who cared to do the analysis, with its web site exhibiting lots of the basic hallmarks of a rip-off, together with faux partnerships and made-up crew members.
As of Thursday, the mission’s web site and Medium account stay unavailable, whereas its Twitter account was made “briefly restricted,” with no new tweets printed since October 29.
In line with the crypto trade Binance, particulars surrounding the token and the crew behind it are actually beneath investigation, with the trade telling Barron’s it has frozen and blacklisted addresses related to SQUID builders.
Additional, a consultant for the trade additionally stated that they’re working to hint the funds, and {that a} coin mixer known as Twister Money seems to have been utilized by the SQUID crew to cowl their tracks.
On Reddit’s r/CryptoCurrency subreddit, a number of customers questioned why persons are as soon as once more falling for the obvious rip-off and shopping for the token, with one person saying:
“They wish to give their cash away.”
In the meantime, judging from some options on-line, a purpose behind SQUID pumping once more may very well be merchants who’re making an attempt to leap on the meme coin bandwagon, wrongly believing SQUID to be some form of reputable metaverse or meme-related coin.
“I loved seeing everybody hype with meme cash pump and their revenue, however guys this is not a meme coin, that is only a SCAM,” one person wrote on the identical subreddit, whereas one other suggested that “the unique rug puller” may very well be placing some a reimbursement into the coin to entice new patrons.
At 12:07 UTC on Thursday, SQUID was up by a whopping 342% over the previous 24 hours to USD 0.078. Nonetheless, that’s nonetheless down massively from a excessive of greater than USD 2,862 on Monday, November 1, per CoinMarketCap knowledge.
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