⚠️ Fraudulent Coins
These are projects that appear enticing, but aim solely to collect funds and disappear.
Warning signs include: unrealistic promises, unknown team, and pressure for quick purchases.
Be cautious and do not invest before fully verifying the project 🚨.
⚠️ Example: Coin
Squid Game (SQUID)
🚨 This coin emerged in late 2021 after the popularity of the "Squid Game" series.
Developers claimed it was part of a game based on the series, and that players would be rewarded with SQUID tokens.
💣 Signs of Fraud that Emerged:
The coin cannot be sold ❌
Thousands of users bought the coin, but could not sell it! (A deliberate fraudulent feature in the smart contract).
No official partnership with Netflix 🎬
There was no real connection to the series, despite the use of the name and logo.
Fake website and vague information 🌫️
The official site did not contain clear information, and the team was completely unknown.
The price surged excessively 💹
The coin surged from less than 1$ to over 2,800$ within days, only to suddenly crash to $0!
"Rug Pull" 🧹
Developers suddenly sold all the coins and ran away with the money, stealing millions of dollars from investors.