Victorial
Active member
I got to learn about this crypto term when I got an airdrop last night. The airdrop was Squid Game Community Token (SGCT). Fortunately, I got the coin from Twitter and I was so happy about it.
Upon receiving the large tokens, I decided to make research to know the rate. Here comes the bad part. The token has collapsed from a high of just over $2,860 to zero as cryptocurrency traders watched their coins vanish. This is a rug pull.
Rug pull in cryptocurrency occurs when a token's creators abandon the project by exchanging many virtual coins for real-world cash. They quickly drain liquidity from the product, driving the value of the coin asset to zero and leaving the investors with nothing.
According to reports, the investors were scammed some $3.3 million. The site is no longer available and the creator is on the run.
Now my coins are useless.
Upon receiving the large tokens, I decided to make research to know the rate. Here comes the bad part. The token has collapsed from a high of just over $2,860 to zero as cryptocurrency traders watched their coins vanish. This is a rug pull.
Rug pull in cryptocurrency occurs when a token's creators abandon the project by exchanging many virtual coins for real-world cash. They quickly drain liquidity from the product, driving the value of the coin asset to zero and leaving the investors with nothing.
According to reports, the investors were scammed some $3.3 million. The site is no longer available and the creator is on the run.
Now my coins are useless.
