One such asset is “Squid coin”, which last month launched without the permission of Netflix, and within days rocketed in value before plummeting to a near-zero valuation. After the market value of all its coins together exceeded $30 million, investors then discovered that they could not cash in on their gains. Instead, the creators of Squid coin disappeared from social media and so did investors’ profits, mirroring other cryptocurrency scams. The apparent scam has been described as a “rug pull” in reference to a carpet being yanked from under investors’ feet.
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