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Squid, which marketed itself as a “play-to-earn cryptocurrency”, had seen its price soar in recent days – surging by thousands of percent.This kind of scam is commonly called a “rug pull” by crypto investors.

This happens when the promoter of a digital token draws in buyers, stops trading activity and makes off with the money raised from sales.

Squid’s developers have made off with an estimated $3.38m (£2.48m), according to technology website Gizmodo.
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