SQUID Ranks as One of the Biggest Crypto Rag Bridges

The SQUID coin is set to make a comeback a year after one of the biggest pull-ups in crypto history, but developers are still at large.

The SQUID coin, launched on Binance SmartChain last year, attracted over 40,000 investors as it rose from $0.01 to nearly $3,000 in six days, then to zero.

Squid Developers Rag-Pull

The developers released the SQUID project while a Netflix show called Squid Game was rapidly growing in popularity and targeted GenZ and millennial investors looking for quick returns. Netflix confirmed that the project is not officially affiliated with the show.

squid crypto rug
Source: Rotten Tomatoes

According to Katherine Wooler at UK-based cryptocurrency company Daxi, the team took advantage of the Netflix show’s focus on games. In Squid Game, cash-starved adults play children’s games for a chance to win cash prizes and gain worldwide fame. Similarly, developers attracted investors by offering play-to-earn games where they could earn the marbles they needed to sell their squid.

After the coin’s price skyrocketed, the developer team behind the project exhausted all liquidity, reducing it to around $3.3 million. A Twitch streamer caught Rag-Pull on the live stream in real-time. In the video, the coin’s market cap fell from $2.2 trillion to nearly zero immediately.

Developers disappear after using Tornado Cache

The project had several red flags, including a website full of grammatical errors and an anti-dump mechanism that made SQUID coins harder to sell.

At the time, Exodus CEO JP Richardson said that this last bit should have alerted investors.

“If you have to close your money, it made it clear it was a scam,” he said at the time.

Shortly after the developers started the project, they apparently took the website down. He also stopped communicating using most of the social media. He later posted a Telegram note claiming to be hacked.

“Someone is trying to hack our project these days. Not only Twitter account but also our smart contract… Squid does not want to continue with game dev project because we are frustrated with scammers and [are] overwhelmed by stress. ,

Tech publication Wired said they had sent an email to a support address in the project’s whitepaper, which also received no response.

Binance Smart Chain blockchain explorer BscScan has identified eight wallet addresses linked to the scam. One of the addresses that holds five percent of all SQUIDs in circulation,
Swap $3.38 million SQUID to BNB before sending funds through crypto mixer Tornado Cash.

Crypto exchange Binance launched an investigation into the project using forensic tools and said they would report any findings to law enforcement.

To date, neither Binance nor law enforcement has identified the team behind Rag-Pull.

SQUID is expected to be pumped soon

Yet, a year later, speculative trading continues, despite SQUID Coin having no team. Its market cap is around $4.1 million. According to CoinMarketCap, a community now runs the project, and is fully decentralized. According to a Reddit user, investors believe the first anniversary will see a significant increase in the price of SQUID. Another user said that this could happen when season two of the Squid Game television series comes out.

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