What happened: Earlier in November, Crypto investors on Binance initiated a token by the name of “Squid,” but it was not long before its value plunged to nearly zero. Squid Crypto was inspired by the renowned Netflix series Squid Game and allegedly the crypto developers vanished with 3.3 million dollars from the investor’s fund. Details: The Crypto exchange application, Binance, initiated a probe into the Squid Crypto and called it a “rug pull” case. Rug Pull is a maneuver in the cryptocurrency world where the developers abandon a project and run away with the investor’s funds. The Squid Crypto marketed itself as a play-to-earn-cryptocurrency surged after Squid Game was released and within hours it collapsed.
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