When greed meets code. Crypto’s wildest rug pulls that left investors holding the bag.
🚨 From hype to heartbreak 💔 the notorious rug pulls that shook Web3. https://t.co/m4cNcWoEN3
When greed meets code. Crypto’s wildest rug pulls that left investors holding the bag.
🚨 From hype to heartbreak 💔 the notorious rug pulls that shook Web3. https://t.co/m4cNcWoEN3
This token went from $0.01 to $2,860 in one week.
286,000x gains.
Then it crashed to $0 in just 5 minutes.
The crazy part? You literally couldn’t sell, even if you wanted to.
Here’s the story of one of the most perfectly executed rugpulls ever + what you can learn from it: https://t.co/i13a7Xd8Ts
October 2021: Squid Game becomes Netflix's biggest show ever.
Within days, anon devs launch $SQUID token.
The pitch: "Play-to-earn game based on the show. Win crypto by playing deadly games online."
No Netflix partnership. No licensing. Just pure hype riding.
And it worked. https://t.co/ctQVbCL6h4
Week 1: $SQUID launches at $0.01.
By Day 3: Hits $0.38
By Day 5: Pumps to $2.80
By Day 7: Reaches $38
Media notices. Bloomberg covers it. CNBC talks about it.
The hype cycle feeds itself.
More coverage = more buyers = more coverage https://t.co/c060oneDPP
The "anti-dump mechanism" was genius marketing.
Devs claimed: "We're preventing whales from dumping on you!"
Reality: Nobody could sell. Ever.
Even CoinMarketCap warned users: "We've received reports people can't sell this token."
Red flag ignored. FOMO won.
November 1, 2021: Peak insanity.
$SQUID hits $2,860 per token.
Market cap: Hundreds of millions.
286,000x gains in one week.
People on Twitter celebrating life-changing profits.
Except... nobody had actually taken profits. Because they COULDN'T.
The warning signs were EVERYWHERE:
❌ No official Netflix connection
❌ Website full of typos
❌ Anonymous team
❌ Social media comments disabled
❌ Can't sell tokens
❌ Need to buy MORE to exit
But people ignored it all. Because number go up.
Last message on their Telegram:
"Sorry again for any inconvenience been made for you. If any strange starts coming out of it, ignore it. Thanks!"
Posted right after they drained everything.
The audacity was unmatched.
Why $SQUID worked so well:
People confused attention with legitimacy.
"Bloomberg covered it" = must be safe
"Everyone's buying" = I should too
But media covers crashes, not due diligence.
Hype ≠ validity
Always verify independently, no matter who's talking about it.
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I think @coinbase should fix its top gainers and top losers list.
I 100% get it dex integration is amazing and gives so much freedom to buy whatever that is on @base
But now you are displaying random tokens on the top gainers and losers list that doesn’t produce any user reaction.
The top losers list is an amazing list that lets users quickly look at if they wanna buy something that is not on their watchlist.
Now it’s clogged. I meant very clogged up.