Crypto Scams You Should Know Before You Start Trading Coins

Late last year the cryptocurrency Squid burst on to the scene with much fanfare and ended up spraying a lot of red ink.

Inspired by the Netflix series “Squid Game”, Squid began trading at a price of just one penny and surged to $2,856 before sinking to the bottom of the crypto sea, after its anonymous founders cashed out.

More than 40,000 people still held the token after the crash and analysts believe Squid’s developers made off with $3.8 million.

The Squid scam has been described as a rug pull, where developers of a cryptocurrency project — typically a new token — abandon it unexpectedly, taking users’ funds with them.

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