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SQUID pump and dump: How meme coin rose 23 mn per cent and then lost it all

SQUID pump and dump: How meme coin rose 23 mn per cent and then lost it all

SQUID, the ‘meme coin’ cryptocurrency based on the hit Netflix series Squid Game lost all of its value on Tuesday in a major drop that is being labelled as an apparent scam, reports said.

According to Gizmodo, the anonymous alleged scammers behind the coin made off with an estimated $3.38 million after pulling off a scam that is commonly referred to as a “rug pull” by the crypto-community.

If confirmed as a scam, SQUID would only be the latest attempt by scammers to cash in on the growing trend of so-called ‘meme coins’. 


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