The SQUID #crypto inspired by the popular Netflix series was launched just a couple of weeks ago, and since its release, it included plenty of red flags. This kind of scam is commonly called a “rug pull” by crypto investors, and the anonymous hucksters made off with an estimated $3.38 million.
However, #cryptocurrency experts had warned of several tell-tale signs that it was likely to be a scam. The contract that governed SQUID was complex and included the impossibility of getting rid of the #token without some odd mechanisms.
The project’s whitepaper and website also contained several grammatical errors, and their founders had no social profiles. Other red flags, as reported by Gizmodo, included the fact that #SQUID’s Telegram channel didn’t allow comments from outsiders, and the Twitter account made it impossible for anyone to reply to posts.