One year ago today, we saw the launch of SQUID – a coin that became one of the biggest and most hilarious rug pulls in crypto. And it only took six days.
2 min read
About a year ago, crypto was on absolute fire and people were making bank.
Enter SQUID – a coin in no way affiliated with the popular netflix show.
With an elaborate hoax website and a twitter handle, the token launched on the Binance Smart chain. Clueless and degenerate investors were drawn in on the basis of their funds somehow being part of an actual competition like the series – a winner take all. Last one standing etc.
Seasoned investors however, were quick to identify it as a scam through its obvious tokenomics, meme like status, and websites like honeypot. Even the project’s own website was full of typos.
The scam coin was listed on Pancakeswap and loaded with a tiny bit of liquidity for a few measly cents on Tuesday 26th October. Over the weekend, that price shot up to $38 as gamblers jumped in. By the following Monday, it peaked at more than to $3100.
Then bang. Zero.
Six days after launching, On November 1st, the token had gone from basically nothing to $3k each, and back to nothing again.
Rug completely and effectively pulled. Developers pulled out all the liquidity. The rugging was even caught live by a Twitch streamer. Seriously, check out the video – it’s brilliant. The final send off from the devs was an announcement posted on Telegram that they had abandoned the project because of “scammers”.
“Someone is trying to hack our project these days. Not only the Twitter account but also our smart contract… Squid Game Dev does not want to continue running the project as we are depressed from the scammers and [are] overwhelmed with stress.”
The fallout?
Everyone got rekt. Nobody could withdraw anything. It was simply all gone.
More than 40,000 people still held the token after the crash, according to BscScan, a blockchain search engine and analytics platform.
The identities of its creators were never determined. The website was taken offline. Emails sent to the developers bounced. The social media channels were shut down. The Twitter account turned off direct messaging and replies.
BscScan identified some wallets as being associated with what it called a “rug pull” of Squid. One of them swapped $3.38 million worth of Squid into BNB and then sent it tornado. Never to be seen again.
One year on…
Incredibly, as is sometimes the case in crypto, the coin is still alive. Sort of. It is now completely uncontrolled and is nothing more than a community token passed around for random speculative trades. A quick glance at Coinmarketcap reveals plenty of interest with the token. Many even believe the one year anniversary will lead to a big gain.
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