The creators of the Squid Game (CCC:SQUID-USD) crypto are sitting pretty following a “rug pull” scam that took profits from tricked investors.
Here’s everything crypto traders need to know about the Squid Game crypto scam.
- First off, it’s important to note that the Squid Game crypto was in no way connected to Netflix (NASDAQ:NFLX).
- Instead, it was inspired by the hit series on the streaming service.
- A crypto popping up out of nowhere based on a new pop culture trend is a major red flag.
- There were other signs that the Squid Game crypto was a scam as well.
- That includes multiple spelling errors on the crypto’s website.
- However, the biggest red flag is the fact that investors could buy, but not sell the crypto.
- This made it easy for the creators of the crypto to perform a rug pull.
- A rug pull happens when the creators of a crypto cash out the tokens for real-world money.
- This causes the price of the crypto to crash as those creators typically own a large share of the crypto in the market.
- Tokens for the Squid Game crypto are now priced at just fractions of a cent and can’t be traded.
- The Squid Game crypto scam acts as a warning to other traders jumping in on rallying digital assets without doing their homework.
We’ve got more crypto news for traders to sink their teeth into below!
Our crypto coverage comes daily with deep dives into the space. A few examples from today include news concerning Cardano (CCC:ADA-USD), Ethereum (CCC:ETH-USD), and Shiba Inu (CCC:SHIB-USD). You can find out all about that news from the following links!
More Crypto News for Tuesday
- Cardano Should Be on Every Long-Term Investor’s Radar
- Ethereum All-Time High Comes as the ETH Crypto Embraces Coin Burning
- Here’s Why Shiba Inu May Be the ‘Safest’ Cryptocurrency of Them All
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On Low-Capitalization and Low-Volume Cryptocurrencies: With only the rarest exceptions, InvestorPlace does not publish commentary about cryptocurrencies that have a market capitalization less than $100 million or trade with volume less than $100,000 each day. That’s because these “penny cryptos” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume crypto that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: How to Avoid Popular Cryptocurrency Scams
