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#CORRE CORRE CORRE
Lesson of the day
Stories of famous Rug Pulls – BitConnect and Squid Token
BitConnect (2016-2018):
With a promise of daily returns of up to 1% fixed, BitConnect presented itself as an "investment platform" with its own token. It even had ambassadors shouting "BITCONNEEEEECT" at conferences.
What was the reality? A textbook Ponzi scheme. They used money from new investors to pay the previous ones. When it collapsed, its token fell from nearly $500 to less than $1 in a matter of days. Many lost everything.
Squid Token (2021):
Inspired by the series "Squid Game", the token skyrocketed over 75,000% in just a few days. But there was a catch: no one could sell. The creators ran off with the money (around $3 million) and the price dropped to $0.00000001 in seconds.
Lesson: If a crypto promises guaranteed profits, if it has many barriers to selling, or if no one knows who is behind it… run. You are likely facing a rug pull disguised as an opportunity.
Lesson of the day
Stories of famous Rug Pulls – BitConnect and Squid Token
BitConnect (2016-2018):
With a promise of daily returns of up to 1% fixed, BitConnect presented itself as an "investment platform" with its own token. It even had ambassadors shouting "BITCONNEEEEECT" at conferences.
What was the reality? A textbook Ponzi scheme. They used money from new investors to pay the previous ones. When it collapsed, its token fell from nearly $500 to less than $1 in a matter of days. Many lost everything.
Squid Token (2021):
Inspired by the series "Squid Game", the token skyrocketed over 75,000% in just a few days. But there was a catch: no one could sell. The creators ran off with the money (around $3 million) and the price dropped to $0.00000001 in seconds.
Lesson: If a crypto promises guaranteed profits, if it has many barriers to selling, or if no one knows who is behind it… run. You are likely facing a rug pull disguised as an opportunity.
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