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Cryptocurrency Rug Pull Scam Makes Owner Big Bucks

By: Harrison Young-Glatz

Recently, a cryptocurrency coin called “Squid Coin ” took a one-of-a-kind journey from 40$ a coin to 2,850$ a coin in 4 hours, then 5 minutes after its peak, plummeted to 0.0008$. But how did this happen?

On October 20th, 2021, a crypto coin SQUID, which was pitched as a pay-to-earn crypto coin for an upcoming Squid Game online game (inspired by Squid Game, a Netflix show released September 17th, 2021), Climbed 310,000% in its first 10 days from investors and crypto traders going all in. 

5 minutes after SQUID’s peak of $2,856.64 USD, it sank all the way down to $0.0007926 USD. As Charlie Bilello, CEO of Capital Advisors, and an avid investor, pointed out in a tweet published on November 1st, 2021:

Squid Game Crypto Coin Today…

1:35am: $38.19

2:35am: $89.91

3:35am: $93.64

4:35am: $434.70

5:35am: $2,856.64

5:40am: $0.0007926”

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Why did nobody sell earlier? There were supposedly many red flags to deter people from buying into the coin in the first place, like the website for SQUID being filled with typos and spelling errors. CoinMarketCap, the world’s most referenced price tracking site for cryptocurrencies warned before the scandal that SQUID was a scam, and not to invest in it; yet the biggest red flag was the fact that you could never sell the token. You could only ever buy in, but never sell.

People invested regardless of all of these warning signs in hopes of earning profit from the game they were investing in, but because the founder and creator of SQUID coin set it up so that only they could sell, they banked out an estimated $2,100,000 USD on the backs of crypto investors.

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Bye-Bye Bitcoin…Hello Again?

Bitcoin Stocks Plummeting

Hailey Chase

NEW YORK STOCK EXCHANGE— On April 17, 2021, people involved with the Bitcoin stock market were sent to a frenzy when the market experienced an immense drop, as the Treasury Department was honing in on cryptocurrency as an outlet for money laundering, and a $16 billion change of ownership of Dogecoin occurred via RobinHood. 

The “inevitable” decline, beginning at 7:00pm on Saturday, April 17, was Bitcoin’s largest monetary drop in history—yet it was not the highest percentage drop. In the month of April, the highest recorded price per Bitcoin was over $64,000, and in a short nine days, that price had dropped to under $48,000 by April 25th. The $16,000 drop in price per Bitcoin brought the entire market to a panic and many people sold their shares in fear of an even further decline.

On May 10, 2021, the price per Bitcoin continued to fluctuate by the second, yet the market was steadily recovering. From mid-April to early May, the decay had leveled to only about a 4.5% decrease, and the prices for the past week have only declined .60%.

However, on May 12, Tesla Co-founder and CEO, Elon Musk announced that Tesla will no longer accept Bicoin as a viable form of currency to pay for any Tesla products. At the time of the announcement, Bitcoin was around $56,000, then it took a steep decline of nearly 25% and is hovering around $43,000 as of May 17, 2021.

What does this mean for the future of Bitcoin? Like any cryptocurrency, the market is fast-paced and has the potential to change significantly every day. However, Tesla pulling out of Bitcoin is a major change that the market may not be able to sustain. While some say this crash was to be expected, others say that an even larger price per Bitcoin can be expected in the future. 

From the CVC Business Desk: CVU Students Gamble in Cryptocurrencies

 Mr. Zach Toensing

 Hinesburg, Vermont- The tech boom has hit the halls of Champlain Valley Union High School as many students are in a buzz surrounding cryptocurrencies, and the opportunity to make money surrounding them. Many students have begun investing in these online currencies with hopes of getting rich quick with these extremely volatile gambles.

Cryptocurrencies are online digital currencies that use cryptography as a security measure. Most of them are anonymous and not issued by any central authority, meaning there is no government or nation that backs the value. This is a fact that scares off many people, but hasn’t affected the value of these currencies. The current value of the top 10 cryptocurrencies is valued at nearly 100 billion USD as people all across the world have begun investing.

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There are many different cryptocurrencies available on the market for people to buy, with the leaders being Bitcoin, Ethereum, Litecoin and Ripple. CVU student Will Hubbard is one of the students who have been following the rush. “I’ve seen a huge growth in the amount of money that I have invested. I originally put $200 in and now it is worth over $500 in Ripple. It makes more sense to invest the money I have then just let it sit in the bank,” Hubbard said. These coins have the potential to make people very very rich. A simple of $100 investment into Bitcoin in 2010 would be valued today at over $76 million. Numbers like these appeal to the gambling side of many students.

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