Case of the week

One real rug a week, with sources. Read the clues, mark the red flags and only then see what happened. XP for a sharp eye, no money and no trading.

Week 45, 2 Nov - 8 NovBNB Chain$SQUID1 November 2021

SQUID: a game you could not leave

Autumn 2021. Squid Game breaks Netflix records, and the SQUID token on BNB Chain climbs for days in a row, with headline after headline. You have the chart and five clues. Mark the red flags that were really there.

0%50%100%$2,856Peak, 1 Nov morning$0.00079Moments later
SQUID price, % of peak

The chart joins only the figures the sources give: a sketch, not a full price history. The Block

  1. Buy yes, sell no

    Buyers told CoinMarketCap they could not sell. The project advertised an "anti-dump" mechanism: you could only sell when buyers outnumbered sellers 2 to 1.

    NBC News

  2. Partners on the website

    The project's website listed partnerships with Netflix and Microsoft, plus OpenSea, CoinMarketCap and CoinGecko. Netflix said it had no affiliation with the project. The whitepaper was riddled with spelling errors.

    NBC News

  3. Nobody home

    The creators were unknown, and emails to them bounced back as undeliverable.

    NBC News

  4. One wallet

    The developers held a lot of tokens in one wallet. There was only one pool: SQUID/BNB on PancakeSwap.

    The Block

  5. 70 million at once

    On 1 November 70 million tokens hit the market and the developers left with 22,328 BNB (about $11.9M).

    The Block

Contract address: 0x87230146E138d3F296a9a77e497A2A83012e9Bc5

Your verdict

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