How SQUID left 40,000 investors in tears – lesson to be learned - don't get SQUID-stracted in this crypto sea!

To all those newcomers here, there's a wild crypto story you need to know about.

So, there was once this coin called SQUID, which shot up from almost nothing ($0.01) to a mind-blowing $3,000 in just six days. At one brief, beautiful moment, the token’s market cap reached over $2 trillion, far exceeding that of Bitcoin. But then, BAM, it crashed to zero, leaving 40,000 investors with their portfolios empty.

The SQUID creators rode the wave of Netflix's "Squid Game" to get people interested. They linked their coin to the show's theme, where people play games for big cash prizes. Investors were lured in with a play-to-earn game and it seemed like a golden opportunity.

But here's where it gets crazy. When the coin's price was sky-high, the developers pulled a fast one – they ran off with $3.3 million from the project. And the warning signs were all there! The project had numerous red flags: website was sketchy containing grammatical errors, anti-dump mechanism that made it harder to sell SQUID coins and then developers disappeared, claiming they got hacked!

One of the addresses swapped $3.38 million of SQUID to BNB before sending the funds through crypto mixer Tornado Cash. Binance even launched an investigation into the project and said they would report any findings to law enforcement, but to this day, neither Binance nor law enforcement has not identified the team behind the rug-pull.

There was a lot more scams that happend last bull run: PEPE, Luna, FTX and many DEFI projects with their high yield coins.

Bottom line is: Be super cautious in the crypto world. If it seems too good to be true, it probably is. Watch for red flags, do your homework, and don't dive in unless you're really sure. Scams happen, but you can avoid them with a little smarts. Stay safe!

And of course, here is that legendary moment SQUID dived deep down to the bottom of the sea:

​

Moment when developers left the chat