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‘Squid Game’ cryptocurrency price collapses to $0 in alleged scam
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nme.comSquid Game, has allegedly scammed users of over US$3million.The alleged scam happened on the morning of November 1, when the price of the cryptocurrency peaked at an eye-watering US$2,861 per coin before plummeting to less than a cent at around 5:40am ET, per CoinMarketCap.A scam like this is referred to as a “rug pull”, per Gizmodo, where creators of a cryptocurrency cash out their holding of the coin for real money, which rapidly devalues the cryptocurrency’s worth.
According to cached translation details, the alleged scammers made off with an estimated US$3.3million.As Gizmodo points out, the SQUID coin had only been released a week prior to the alleged “rug pull” and had been littered with red flags in the weeks leading up to its.
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