SQUID rug pull/scam follow-up
0x77dff8fc406fae9a7bce4f837f7b95ce2c7107b7 is a wallet that has created 3 rug pull contracts in the same day (21.10.2021):
Let’s review them.
Test rug pull
SQUID (0xd103fa462b090edbd8183e9a8168508e13b2335e) is a test scam that has been rug pulled 20 days before the real one.
It was actively traded for less than an hour. And it was a “successful” proof-of-concept.
The pool size for this token was just $1
But the trading volume was $50,000
Mismatch between trading volume and liquidity pool size is a common sign of rug pool these days.
There are a lot of ways to artificially generate volumes and holders. This is why you should always check liquidity pool size and compare it with number of holders / trading volume.
Main rug pull
SQUID (0x87230146e138d3f296a9a77e497a2a83012e9bc5) is a main rug pull contract.
Through this token scammers have stolen more than $10,000,000 from thousands of holders.
Liquidity pool size:
Notice that liquidity in this pool was never locked or burned. This is a common sign of scam, especially for a fresh token. Liquidity that is not locked may be pulled anytime. Developers who plan to support their project for long (not pump & dump it) always lock/burn LP tokens.
Extra rug pull
Marbles (0x9531c509a24ceec710529645fc347341ff9f15ea) is an extra rug pull. It was created in addition to the main one and attracted less money. Nevertheless it was quite successful too.
Liquidity pool size:
Again LP are unlocked/not burned.
To sum up:
- 3 rug pullable tokens were created by 1 wallet on the same day (21.10.2021)
- One token was intended for testing and was rug pulled soon after creation
- Another two yielded ~$25,000,000 from rug pulling on 01.11.2021
