Rug Pull Alert: 'SquiDoge' Developers Scam Investors Even Before Launching the Token

Another day, another rug pull in the cryptocurrency market as SquiDoge developers made away with $20,000 and scammed gullible investors even before the coin was launched in the market.

SquiDoge developers came up with the project on September 24, 2021 and began marketing the coin on Twitter, Telegram and other forms of social media claiming that 'presale' of the token will start from October 14, 2021 and those who invest early before the official launch will reap all the rewards.

SquiDoge Token Rug Pull Scam Developers Presale
Telegram / SquiDoge

However, the developers did not reveal the official launch date of SquiDoge but constantly yet convincingly marketed the 'private and presale' and got investors to buy the tokens in the hopes that post its launch, their investment would rise tenfold.

To buy SquiDoge, investors had to first purchase BNB tokens and then exchange it to SquiDoge through exchange swaps. The official Telegram handle acted as a legitimate source and guided investors on 'steps to buy SquiDoge' without giving a hint that they're money would be vanished in just two days.

As per data from BscScan, a total of 74 investors poured in their money on the 'presale' of SquiDoge totaling $20,000. The price of each BNB Token at present is close to $500.

As and when investors began converting their BNB tokens to buy SquiDoge from October 14 to 19, the chart suddenly dipped from $0.0000000000163485 and turned to $0.0000 in just a span of a second today showing -100% in the days trade.

While at first investors assumed it could be a technical glitch, sadly the chart remained the same for hours and investors tried contacting the developers on Telegram only to see the official handle say 'User does not exist' and the group was deleted.

SquiDoge Token Chart RugPull Scam Developers Presale
Poocoin chart / SquiDoge

Even their official Twitter, LinkedIn, Instagram and Facebook handles no longer exist and are deleted. Surprisingly, their website is still up and running. Even their latest video shows a cartoon girl in the form of a 'Doge' hiding behind a tree.

Also, the developers remained anonymous all this while and have not revealed their identity on all forms of social media and nobody knows who was behind SquiDoge's infamous 'even before launching' rug pull scam.

A check into the coin's wallet address on BscScan's SquiDoge Token tracker confirmed the rug pull and developers made away with $20,000 even before launching SquiDoge in the market and fooled investors with the so called 'presale and private sale'.

SquiDoge Token BscScan Rug Pull Scam Developers
BscScan / SquiDoge Token

Consider this- If the developers had really launched SquiDoge sometime in the future and then rug pulled the amount, we assume millions of dollars would have been scammed and thousands of investors would have lost their hard earned money.

The International Business Times keeps an eye of rug pulls and scams happening in the cryptocurrency market and advises investors to not blindly believe developers, especially the anonymous ones who promise 'the moon'. Just a few weeks ago, even Kong City Token developers had pulled off a similar rug pull scam and made away with millions without revealing their identity.

This article was first published on October 19, 2021