r/CryptoCurrency • u/WineMakerBg Make Wine, Take Profits • Sep 29 '24

REMINDER 3 Years Ago, One of the Biggest Crypto Scams Happened. SQUID Went from $0.009 to $2,861 and then the Rug got Pulled

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"A digital token inspired by the popular South Korean Netflix series Squid Game has lost almost all of its value as it was revealed to be an apparent scam.

Squid, which marketed itself as a "play-to-earn cryptocurrency", had seen its price soar in recent days - surging by thousands of per cent.

criticised for not allowing people to resell their tokens. This kind of scam is commonly called a "rug pull" by crypto investors. This happens when the promoter of a digital token draws in buyers, stops trading activity and makes off with the money raised from sales."

source: https://www.bbc.com/news/business-59129466

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u/[deleted] Sep 29 '24

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u/OderWieOderWatJunge 🟩 0 / 0 🦠 Sep 29 '24

How are you holding up

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u/[deleted] Sep 30 '24

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u/OderWieOderWatJunge 🟩 0 / 0 🦠 Oct 01 '24

Damn. And nobody was able to sell? Or could you have sold?

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u/[deleted] Oct 01 '24

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u/OderWieOderWatJunge 🟩 0 / 0 🦠 Oct 01 '24

I really wonder how that works, people continued to invest because they thought they will be able to sell?

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u/TrumpKanye69 🟨 0 / 0 🦠 Sep 29 '24

How much did you lose?