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Friday Squid Blogging: Squid Game Cryptocurrency Was a Scam
published on 2021-11-05 21:11:29 UTC by Bruce SchneierContent:
The Squid Game cryptocurrency was a complete scam:
The SQUID cryptocurrency peaked at a price of $2,861 before plummeting to $0 around 5:40 a.m. ET., according to the website CoinMarketCap. This kind of theft, commonly called a “rug pull” by crypto investors, happens when the creators of the crypto quickly cash out their coins for real money, draining the liquidity pool from the exchange.
I don’t know why anyone would trust an investment — any investment — that you could buy but not sell.
Wired story.
As usual, you can also use this squid post to talk about the security stories in the news that I haven’t covered.
Read my blog posting guidelines here.
https://www.schneier.com/blog/archives/2021/11/friday-squid-blogging-squid-game-cryptocurrency-was-a-scam.html
Published: 2021 11 05 21:11:29
Received: 2021 11 05 22:05:07
Feed: Schneier on Security
Source: Schneier on Security
Category: Cyber Security
Topic: Cyber Security
Views: 1
