Security News > 2021 > November > Friday Squid Blogging: Squid Game Cryptocurrency Was a Scam
2021-11-05 21:11
The SQUID cryptocurrency peaked at a price of $2,861 before plummeting to $0 around 5:40 a.m. ET., according to the website CoinMarketCap.
This kind of theft, commonly called a "Rug pull" by crypto investors, happens when the creators of the crypto quickly cash out their coins for real money, draining the liquidity pool from the exchange.
I don't know why anyone would trust an investment - any investment - that you could buy but not sell.
As usual, you can also use this squid post to talk about the security stories in the news that I haven't covered.