Another SQUID-like rug pull has victimized crypto investors.
Crypto scams have been on the rise since the infamous token named after the hit Netflix series “Squid Game” defrauded investors millions of dollars.
However, even with increased regulation, stricter security measures and better vigilance as a result of this trend, another crypto scam has emerged–again pocketing millions of dollars in investor money. Such scams could strengthen doubts on investing in meme coins.
Developers of the Tsuzuki Inu cryptocurrency protocol have reportedly rug pulled, or maliciously abandoned the project and ran off with the investor funds. According to the Etherscan transaction history, these scammers converted ERC-20 tokens into 265 wrapped Ethereum, then to USDC valued at $1,157,125, an AMB Crypto report said.
Tsuzuki Inu Token Crashes 97% After Rug Pull
After the rug pull, Tsuzuki Inu plummeted 97 percent and was trading at $0.0000000000018 on Monday, Coinmarketcap noted. However, the token rose slightly later Monday to $0.00000000000377.
Tsuzuki Inu had been in existence since March 2021, flaunting itself as a meme and gaming token. The project planned to offer Play to Earn (P2E) features, together with a DEX wallet, to strengthen its credibility and legitimacy in the market. It had one quintillion in circulation with locked liquidity.
Despite this, the developers were able to evade…