SCAMS

Squiggles team exposed? Suspected NFT scam, experienced in fleeing with funds, tragically delisted by OpenSea

share
Squiggles team exposed? Suspected NFT scam, experienced in fleeing with funds, tragically delisted by OpenSea

The popular NFT project Squiggles, with over 300,000 Discord members and 200,000 Twitter followers, conducted a public sale on the evening of the 10th. However, 5 hours before the sale started, Twitter user 3000 Pirates compiled an identity report on the Squiggles team, revealing that the team had previous experiences of NFT rug pull scams.

Squiggles' Past Controversies

Upon its launch, this project's main feature was the 3D version of Doodles called Doodles, a well-known NFT project, with a secondary market floor price of around 13 E, attracting significant community attention.

Doodles:

First version of Squiggles:

However, the Squiggles team released this project without authorization from the Doodles team, launching a derivative project with a high degree of similarity, which led to a copyright warning from the Doodles team. Initially claiming they were bullied and threatened by Doodles, the Squiggles team eventually chose to reshape the project's overall artistic style to avoid disputes, and the incident came to a close.

Following this event, there was a growing sense of distrust in the community towards the team, particularly regarding their response and attitude after being reported for plagiarism.

Redesigned Squiggle

Squiggls Team Members' Dark Past

Just 5 hours before the official release of Squiggles NFT, Twitter user Y3KPirates compiled a 57-page document on Squiggles team information, discovering that core team members Gabriel Hay, Gavin Mayo, and Ali Saghi had experiences with rug pull incidents in NFT projects.

This account has since disappeared

These NFT projects include:

The liquidity of these projects in the secondary market has nearly dwindled to zero, with Discord and Twitter communities already closed.

Following this news, Twitter quickly circulated the report, warning against minting Squiggles as it could potentially be the latest creation of a rug pull team. Additionally, individuals discussing this event in the Squiggles Discord group were seen as spreading panic and were promptly removed.

Results of Public Sale

Despite the rapid spread of this event, the Dutch public sale that began last night proceeded smoothly, with purchase prices ranging from approximately 0.4 to 1 ETH. However, Twitter user Coffeezilla discovered that the Squiggles team used multiple wallets to purchase NFTs during the public sale, creating a false impression of strong sales and immediately reselling at a considerable profit on the secondary market to deceive consumers interested in the project.

Nevertheless, the Squiggles team denied these accusations and expressed gratitude to community members willing to stand with them against hate and negative comments.

Additionally, to thank users who minted during the public sale, the Squiggles team decided to airdrop a free NFT to them. However, due to the limited number of NFTs, the remaining ones are reserved for whitelist users who will mint tomorrow at 12. Consequently, they decided to revoke whitelist eligibility for some users to facilitate the distribution of their airdrop.

Upon this announcement, the secondary market price of Squiggles NFTs briefly approached 1 ETH, showing positive effects on buying out current NFT holders.

Note: This airdrop action was strongly condemned by whitelist holders and did not pass the vote, only removing some inactive whitelist users.

Delisted by OpenSea

However, the good news did not last long, as OpenSea also discovered the controversies surrounding Squiggles and delisted it on the morning of the 10th.

The Squiggles team expressed confusion over this delisting, questioning why they were removed by OpenSea and urging everyone to trade on LooksRare instead.

The current price on LooksRare is 0.28 ETH, in a state of decline.

Squiggles Officially States They Will Postpone the Whitelist Minting Date until OpenSea Re-lists; Readers interested in this project should evaluate the risk.