Alleged scam $SQUID coin rises almost 800% in 24 hours

The highly publicised SQUID coin – highlighted as a potential scam – has risen by 776% in 24 hours according to CoinMarketCap.

The coin, based upon the popular Netflix series Squid Game, turned out to be an apparent rug pull earlier this week. After peaking in value at $2,856 it crashed straight to zero after scammers pulled the liquidity.

Since then there have been many reports on the life-changing effects of investing in the coin.

However, it seems that the warnings have been ignored by some as investors have renewed their interest, with prices pumping in the last day.

The reason behind the pump is unclear at the moment.

Within the last 24 hours, there have been fewer than 250 transactions according to BscScan. This isn’t a high transaction rate, coupled with speculation that it may be the original developers trying to create FOMO (fear of missing out), and earn more from the scam.

Binance has provided some comfort to investors in SQUID. The company confirmed it had frozen and blacklisted the alleged scammers’ Binance accounts and will hand over the findings to the relevant legal authorities. However, there is likely no way of returning the stolen money.