The end of the game! Squid Game inspired crypto scam collapses as price drops from $ 2,800 to zero

A cryptocurrency inspired by the TV show Squid game The internationally successful Netflix company has defrauded investors in what appears to be a $ 3.38 million rug-pull program.

The cryptocurrency called SQUID plunged almost a fraction of a penny-minute after crossing the $ 2,850 mark at 09:35 UTC on November 1. The sharp decline passed after its 75,000% uptrend and showed high demand among traders after its debut on October 26th.

At the heart of retail fashion is the popularity of Squid Game. cheater they promoted SQUID as a play-to-earn cryptocurrency inspired by the South Korean fictional television show in which people risk their lives to play a series of children’s games to win 45.6 billion won (~ $ 38.7 million).

The end of the game!  Squid Game inspired crypto scam collapses as price drops from $ 2,800 to zero
The end of the game! Squid Game inspired crypto scam collapses as price drops from $ 2,800 to zero

The marketing tactic helped drive SQUID prices from $ 0.01 on October 26 to over $ 38 on Sunday. The cryptocurrency then jumped to $ 90 on Nov. 1, kicking off a massive pumping round that drove its price above $ 2,850 only to plummet to $ 0.002 minutes later.

SQUID price pump and dump. Source: CoinMarketCap

Red flags

In the days before the massive collapse Traders had complained that they couldn’t sell their SQUID inventory on the only available market, a decentralized exchange called PancakeSwap. In their defense, the SQUID founders said they had implemented innovative “anti-dumping technology”. which restricts people from selling their tokens for less demand.

Many of my normal friends bought this $ SQUID game token and couldn’t sell it (“anti-dumping function”)

Now look what happened

“The more people join, the bigger the reward pool (sic),” says Squid Game’s whitepaper, adding:

“The developers take 10% of the entry fee and the remaining 90% is awarded to the winner.”

The large news network CNBC also published the claims of the founders of the Squid Game cryptocurrency without omissions, insofar as it referred to SQUID as a “private brand”. from the Netflix show.

The founders of the cryptocurrency squid game also stated that they are affiliated with the Netflix show as an official partner.. They also claimed to have entered into a strategic partnership with CoinGecko, a provider of crypto data. However, in an interview with Cointelegraph, CoinGecko co-founder Bobby Ong refuted the claims, saying:

to????[SQUID] It didn’t meet our listing criteria, so it won’t appear on CoinGecko. Most likely it’s a scam. “

CoinMarketCap, a rival of CoinGecko, listed SQUID on its platform but warned visitors about the dubious nature of the cryptocurrency in a notice that read:

There is growing evidence that this project was difficult. Please do your own due diligence and be very careful. This project, although clearly inspired by the Netflix show of the same name, is NOT affiliated with the official IP.

Meanwhile, analysts also noted that the founders of Squid Game Token didn’t have LinkedIn profiles and that Twitterati Crypto Tyrion ruled that SQUID is a “100% rug pull”.

Now it looks like an “end game” scenario for SQUID owners.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade move involves risk, you must conduct your own investigation when making a decision.

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