๐ญ๐ The Squid Game Token Scam (2021)
In late 2021, as the Netflix series Squid Game went viral worldwide, a group of anonymous developers launched the โSquid Game Token (SQUID)โ. The hype was insane โ but what followed became one of the most infamous rug pulls in crypto history.
๐ The Hype:
* SQUID was marketed as a โplay-to-earnโ game token, inspired by the popular show.
* Within days, mainstream media outlets like **BBC & CNBC covered it, fueling even more FOMO.
* The price skyrocketed from $0.01 to over $2,800 in less than a week. ๐
๐ The Trap:
* Holders soon realized they couldnโt sell their tokens โ the smart contract had restrictions, a classic scam setup.
* Then, in one brutal move, the developers executed a rug pull, draining liquidity and running off with over $3 million.
๐ Aftermath:
* The tokenโs price collapsed to near zero within minutes.
* Thousands of retail investors lost everything.
* It became a global warning sign about blindly chasing hype-driven coins.
๐ก Lesson: Just because something trends doesnโt mean itโs legit. Always DYOR (Do Your Own Research) and beware of coins that look too good to be true.
๐ Question: Would you rather take the risk on meme/hype tokens for quick gains, or only stick with top projects like BTC & ETH? ๐ค
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