Friday Squid Blogging: Squid Game Cryptocurrency Was a Scam
Full article141 words · extracted from schneier.com · click to collapse
The Squid Game cryptocurrency was a complete scam:
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.
Wired story.
As usual, you can also use this squid post to talk about the security stories in the news that I haven’t covered.
Read my blog posting guidelines here.
Tags: cryptocurrency, fraud, scams, squid
Sidebar photo of Bruce Schneier by Joe MacInnis.
Text extracted automatically; images, tables and formatting may be missing. Original: https://www.schneier.com/blog/archives/2021/11/friday-squid-blogging-squid-game-cryptocurrency-was-a-scam.html