By CNBCTV18.com Nov 8, 2021 11:48:27 AM IST (Published)
As per the reports, the anonymous creators of Squid Game coin sold their entire holdings rapidly on Sunday, bringing down the coin’s value to $0, a phenomenon described as “Rug Pull” in financial parlance.
A new crypto coin inspired by the popular South Korean TV show ‘Squid Game’ made rapid strides in the markets. Unfortunately, in less than two weeks after its launch, the coin turned out to be a major scam.
Rug pull: Creators drain liquidity from coin
As per the reports, the anonymous creators of Squid Game coin sold their entire holdings rapidly on Sunday, bringing down the coin’s value to $0, a phenomenon described as “Rug Pull” in financial parlance.
Through the coin’s tenure (approximately 11 days), the investors saw a peak of $2,861 and an appreciation of 310,000 percent.