Today’s Top Crypto News 11/01/21 BINANCE SQUID COIN SCAM RUG PULL

Описание: Hi, this is Nadya with one minute crypto news for November 1, 2021.

Binance, the world’s largest crypto exchange, temporarily disabled all crypto withdrawals for a time on Monday due to a large backlog.

At 9:49 a.m. ET, the company tweeted that withdrawals had resumed once again.

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The anonymous hucksters behind a Squid Game cryptocurrency have officially pulled the rug on the project, making off with an estimated $2.1 million.

This kind of theft, commonly called a “rug pull” by crypto investors, happens when the creators of the crypto quickly cash out their coins, draining the liquidity pool from the exchange.

The SQUID crypto coin was launched just last week and included plenty of red flags, including a three-week old website filled with bizarre spelling and grammatical errors. Also, their Telegram channel didn’t allow comments from outsiders, and the Twitter account made it impossible for anyone to reply to posts. However, the biggest red flag was that no one who purchased the coin was able to sell.