Squiggles are a collection of 10,000 non-fungible tokens (NFTs) with over 300 distinct attributes, including hundreds of visual elements and character bases. Humans, apes, flaming heads, clouds, clocks, beakers, and skulls are among the items in the collection currently on display. In addition, the Squiggles collection includes hundreds of unique features, costumes, and colours from the artist’s palette.
However, when a series of scam charges and past rug pulls surfaced, the NFT project was delisted from OpenSea. The Securities and Exchange Commission (SEC) has received a 57-page dossier explaining how the unit organized and carried out the schemes for inquiry.
According to the report, the Squiggles NFT squad has a history of rug pulls, and the same crew is currently operating on OpenSea.
The Securities and Exchange Commission (SEC) investigates alleged violations of federal securities laws. The more detailed, credible, and timely a whistleblower tip is, the more likely it will be to investigative staff for further examination or follow-up. The tip is more likely to be allocated to Enforcement employees for examination if it identifies persons participating in the scam, provides examples of specific fraudulent transactions, or leads to non-public materials showing the crime.
Congress established the Whistleblower Program to incentivize people to come forward and report probable violations of federal securities laws to the SEC. Under the programme, eligible whistleblowers can receive between 10% and 30% of the monetary penalty collected in SEC and related proceedings brought by other regulatory and law enforcement agencies.
The League of Sacred Devils is this crew’s first known rug pull. Ali Saghi was doxxed on the project, and he had the highest rank on the server. So he called himself “Overlord” and shared it with Whalelord, who afterwards came out against Ali.
According to the paperwork, Ali Saghi of Potomac Falls, Virginia, is a senior at Dominion High School. He is Hassan Saghi’s son and the CEO of Luxury Equities.
“We have substantial proof that the Mastermind behind the Vault of Gems, “The VaultKeeper,” and his associates, Atmo, Michel, MargoNoRobbie, Chuck, and other Mods have been creating and abandoning NFT projects,” the rug pull alert document continues. Taking millions of dollars from innocent victims and leaving them with suitcases full of now-worthless jpegs.
The debut of squiggles took place in three stages:
PHASE 1 – The Public Dutch Auction will begin on February 10th at 1 p.m. EST. Starting with 1 ETH and decreasing by 0.05 every 20 minutes until 0.4 ETH, 3,000 Squiggles were available.
PHASE 2 – The Whitelist Sale Begins at 1 p.m. EST on February 11th. 7000 Squiggles Available 0.4 ETH Sale Duration: 24 Hours Can Mint 1 Per Whitelisted Address
PHASE 3 – Public Sale- was planned to begin on February 12th at 1 p.m. EST QTY = Any Leftover Squiggles From Phase 2 (TBD) Can Mint Up To 3 Per Wallet Price = The Last Squiggle Sold At Dutch Auction.
Squiggles Responds to the Situation:
“Today was a rollercoaster for the Squiggles Community,” the official account of the NFT project tweeted, rebuking the charges.
Despite claims that this endeavour is a fraud and a rug pull, the platform believes they are still here, working and navigating through it all.
The platform expressed their gratitude to the “very strong and supportive community” for rallying behind them and refusing to let haters and negativity get the best of them.
“We as a community need to be strong and not let anything negative get in the way of reaching our goals.”
The discussion on Twitter about this initiative is split into two sides: those who feel the idea is legitimate and those who believe the rug pull charges.
@MaxxRailton, a supporter of the project, claims that few initiatives keep their owners as engaged as squiggles do.
“Never had any doubts about this project, minted a squiggle, and decided to hold.”
@luchrisgo1 thinks the initiative will squander the funds sooner or later! The user was also in the discord, and many individuals were kicked for spreading “FUD,” such as someone unsure about something or the user who was taken out for telling the truth about a situation.
Some people have questioned the report’s credibility, with @JeremyW98470348 saying, “Guys, Please don’t trust those phoney fake reports without solid evidence.” This user believes Everyone who has been here having seen how amazing and engaged the community is.
“So even you don’t trust the community, which is ridiculous. Indeed, you have to trust yourself and everyone you meet here!!”