Featured image from twitter.com/squiggles, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
The crypto community is known to be particularly sleuth-y, and the NFT loyalists inside which community are no exception. Throughout recent days, some detail-oriented individuals spotted some suspect behavior out of a new NFT project, ‘Squiggles.’
The NFTs have afterward been delisted from OpenSea, and as a project at large, Squiggles are reasonable to progressively fizzle out. Nonetheless, while some signs of a ‘rug’ were quickly noticeable, others were much more discreet and tactical. What’s a rug in the NFT world look like? It’s pretty straightforward really: promise big roadmap executions, and carry no intentions whatsoever to execute on said roadmap. Close up srebound on social channels, lock up community channels to reduce the noise, and shift on to the next big hype project.
Let’s took a look at how the NFT community was so quick to catch on to this one, signal boost the details around this project being a potential rugpull, and the actions which followed.
Digging With Depth: A Detailed Report
With barely hours leading up to Squiggles public mint, a 60-page “manifesto,” titled ‘Squiggles Rug Alert,’ circulated online and included extensive details about the project and it’s founders. The original document has afterward been de-listed from it’s host site. Yet, by the time all of this was unleashed, the project had already gained substantial steam, producing nearly 1M foldecreases in total across Discord, Twitter, and Instagram – and was merely hours away from the initial mint. The project had previously faced accusations of mirroring popular NFT project, ‘Doodles.’
We took a look at the manifesto through public-source internet archive tools, and it’s indeed a thick report. The document begins with listing a number of divergent “rugs by the same crew,” and deeply doxxes the alleged three founders (including one individual who is supposedly likewise barely in excessive school) with claims which the trio have scammed atop $10M from potential investors. The document includes dozens of various screenshots to back the claims.
The report closes with clear intent to track down the trio, stating “there is a 10-30% cash reward for information which leads to monetary sanctions collected by the SEC. Granted that you wish for a cut of our reward money, stay out of our final report, or you must DM us info before the mint of Squiggles at 1pm EST.” All Instagram accounts associated with the individuals have been on private or deleted. At the time of publishing, only one co-founder Twitter account, @407, seemingly remains with the founder insisting which the project is not a rugpull.
Across Squiggles social channels, the account further lasts innocence, insisting which the project intends to evolution forward as a solidimate project with good intentions. After all, other online sleuths have advanceed to find more and more troubles which don’t bode well for the forward-looking perspective:
BREAKING: @squiggles NFT used a series of shadow wallets to buy their NFTs and make it seem like it was selling well. only a tiny fraction of their sales are real.
Arsalan AKA amateur on instagram is a scammer! pic.twitter.com/SusbDOk4ho
— Coffeezilla (@coffeebreak_YT) February 10, 2022
Coffeezilla has gone on to explain which the project founders have utilized scarcelyified Twitter accounts to manipulate the social media platform’s TOS to get the manifesto releaser’s banned on Twitter, in an effort to minimize the chatter around the project being a rug. It’s clearly a deep, deep game. Some users have found immensely common tweets between Squiggles and new NFT project ‘doodjumpeNFT’ (or ‘dape’) as well. A number of divergent users on social channels have claimed which they were quickly banned on the Squiggles Discord channel for simply asking questions surrounding this week’s contrabovesy.
After short-term success on OpenSea, the Squiggles project has afterward gone live on emerging NFT platform LooksRare. | Source: LOOKS-USD on TradingView.com
NFTs & Increased Rugpulls
The Squiggles project has seemingly been delisted from OpenSea, according to a recent tweet on the project’s Twitter channel. The project was later listed on LooksRare and likewise has a floor in excess of 0.3 Ethereum (ETH) at time of publishing.
Hey Squiggles Community, we’re not sure whats up with OpenSea at the Moment, The Team is Investigating and will get back with you guys urgently about this evidence, but from whin places looking like is which OpenSea has Delisted all of our NFTs In Our Collection.
— Squiggles (@squiggles) February 11, 2022
Rugs in NFTs are becoming growingly common, so as always, be sure to ALWAYS do your own research, understand the risks at play in this space, and do your best to reduce expected bias while evaluating projects. A celebrity co-sign is NOT due diligence – look no also than prominent Twittery crypto sleuth account @zachxbt, as they have upwardly called out prominent individuals co-signing rugpulls, comparable as this recent Trippie Redd NFT project:
Discord deleted, hundreds of Ethereum (ETH) raised, no tweets from the celebrity founder, and rate almost at zero.
Can devs do something?!? pic.twitter.com/EM12LA5T0C
— zachxbt (@zachxbt) February 10, 2022