Crypto rugpull transfers million

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Here’s where SQUID checked a lot of boxes.

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A liquidity pool is something a decentralized exchange (DEX) uses to ensure customers can trade.

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US government prosecutors have charged two men with fraud and money laundering over a cryptocurrency “rug pull” scheme. Ethan Nguyen and Andre Llacuna allegedly earned around $1.1 million by selling non-fungible tokens (or NFTs) based on cartoon-like characters called “Frosties.” After selling the NFTs, they shut down the project and transferred its funds to a series of separate crypto wallets, leaving Frosties owners bereft of promised rewards.

According to the criminal complaint, the Internal Revenue Service, Criminal Investigation (IRS-CI), and Homeland Security Investigations (HSI) began investigating Frosties in January, shortly after receiving complaints about the scam.

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It peaked at around $2,862 before falling to a fraction of a cent in a matter of minutes.

SQUID was supposed to be the utility token for a play-to-earn game. There were six Squid-Game-themed games on its website, which is no longer working.

The token and site had no connections to the smash-hit Netflix show that features a dystopian game in which contestants can pay off their debts — or literally die trying.

What is a rug pull?

A rug pull is a type of scam where a project’s founders suddenly pull out, taking investors’ money with them. In this case, the anonymous scammers made off with about $3.4 million of funds.

After pumping up the token’s price on social media, the developers used a backdoor in the code to drain cash from a liquidity pool.

Frosties was a buzzy project whose 8,888 NFTs — priced at the Ethereum equivalent of roughly $130 — sold out within an hour of the public launch.

But as chronicled by Protocol, the creators abandoned it almost immediately. Buyers earned only a few dollars when they tried to resell their NFTs, and they gave up any hope of seeing future promised rewards, including 3D versions of their avatars and a Frosties video game.
(Some scammed community members nonetheless attempted to resurrect the Frosties as a separate NFT lineup.) Now, the two men behind Frosties have been arrested in Los Angeles, California.

The complaint includes an apparent apology and confession from Nguyen to the moderator of the Frosties community Discord server. “I know this is shocking, but this project is coming to an end.

Image source: Getty Images

Scammers made off with $3.4 million of people’s money.

Key points

  • The price of SQUID rose over 23,000,000% in a week before falling to nothing.
  • The Squid Game token turned out to be a rug pull, costing investors millions.
  • Research is the best way to avoid being scammed.

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Squid Game (SQUID), the cryptocurrency token inspired by the Netflix hit, collapsed yesterday, leaving many investors with nothing. The meme coin launched on Oct. 26 and gained over 23,000,000% in a week, according to data from CoinMarketCap.

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