The Squid Game token, based on the Netflix series of the same name, plummeted to almost zero less than a week after the launch of trading. The coin dropped from $2,856 to $0.003, according to CoinMarketCap.
The recently appeared cryptocurrency, which not only attracted the attention of hundreds of thousands of members of the crypto community but also grew by more than 3500% in just a couple of days, turned out to be another scam. Unfortunately, now investors not only will not play the “death game”, but they are unlikely to ever return the money they lost.
The token appeared on October 26 and continued its crazy growth until today, when it managed to set a new record at over $2,856. The coin could only be purchased on PancakeSwap, which, in fact, became at least a small limiting factor for the growth of the scale of this scam. Because this type of token purchase is a little more complicated than the "standard" purchase on the exchange. Otherwise, the financial losses of depositors could become catastrophic.
To join the first round of the “game”, users were required to contribute 456 SQUID tokens, and the condition for participation in the final round was the purchase of 15,000 SQUID and 1 NFT project. However, they were tempted mainly by the fact that the amount of the winnings would be “unlimited”.
The first alarm bells came when it turned out that the project's domain was registered on October 12 this year, and the white paper contained many grammatical and spelling errors. Not to mention the fact that the Squid Game team in every possible way limited the ability to leave comments on their accounts on social networks.
The next important point that even the CoinMarketCap administrators noticed on the SQUID page was that people were complaining about the impossibility of withdrawing coins from PancakeSwap. But the funniest thing was, allegedly, the "approval" of the sale of this token by Elon Musk. The businessman himself spoke about the series of the same name.
Based on the BscScan data, almost 41,000 people managed to purchase SQUID scam tokens. Of course, we are talking about purchases not only at the start of the project but also at those moments when the price for one coin has already exceeded $1,000, which makes the situation even sadder.
The only clue for angry investors may be the author of a video posted on YouTube on October 20. During it, an unknown person talked about the airdrop of SQUID tokens. However, communication with the project team has not yet been established.
Thanks to the growth rate, millions of people have learned about the coin from publications such as the BBC, Business Insider, Yahoo News, and many others. From this point of view, the number of cheated people in the amount of 41,000 does not look like the catastrophe that it could become if SQUID appeared on at least one of the modern cryptocurrency exchanges.
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