Crypto roundup: Also, U.S. launches crypto enforcement team and CoinSmart gets regulatory approval from OSC

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Squid crypto scam the latest ‘rug pull’

A recently launched meme cryptocurrency named after Netflix’s popular capitalist satire Squid Game surged as high as US$2,861 on Monday before its hopeful holders had the rug pulled out from under them.


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SQUID was marketed as a “play-to-earn” cryptocurrency, which ostensibly could be used for a new online game inspired by the television series, itself about people forced to play deadly games for cash.

The online game was set to launch in November, with investors promising buyers that they would be rewarded with more SQUID tokens upon launch.

After surging to a market cap of just over $2 million, according to CoinMarketCap, the price plunged to zero on Monday when the creators abandoned the project and took off with an estimated $3.38 million in investor funds.

While so-called “rug-pulls” have plagued the crypto space, as Gizmodo reported…

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