Cryptocurrencies are one of the riskiest investments you can make – due to various headwinds that can happen at any point in the industry.
But just recently, the people behind the cryptocurrency Squid Game reportedly scammed users of an estimated $3.38million.
The price of Squid Game, which once traded as high as $2,861.80 on Monday, has tanked and is now seeing multiple zeros.
This is commonly known as a “rug pull”, which is when creators of a cryptocurrency quickly cash out their coins for real money.
Before you invest in cryptocurrencies, you’ll want to be aware of multiple factors including lessons to be learned from the Squid Game fiasco.
We explain them below.
1. Grammatical mistakes
Some could have seen the Squid Game fiasco coming if they looked at the coins’ in depth-report known as the white paper.
The white paper showed multiple grammatical and spelling errors.
That should draw concern right away – especially when Squid Game’s token was registered just last month.
“Go the website of the coin or token and read the whitepaper,” DeFi, and NFT expert Rio Rocket told The Sun.
“If there isn’t one or it is poorly written then avoid…