The price chart of the SQUID token, based on the popular South Korean TV series “Squid Game” on Netflix, is back in motion, showing more than 2400% growth in the last 24 hours.
Squid Game, one of the loudest scams in recent months, collapsed at the beginning of this week when the asset's value rose sharply to the cosmic mark of $2,856, and then dropped no less rapidly to near-zero values of $0.0007926.
The developers were accused of an exit scam because they promptly withdrew funds from the liquidity pool and covered up all traces on social networks. After that, Binance analysts intervened and managed to find the addresses of the project creators using exchange tools. The reason for the interest in the exchange was that the project was created on the basis of the Binance Smart Chain. A little later, Binance representatives announced that they would try to recover the stolen funds, but the hope for the success of this venture is negligible.
SQUID was traded only on PacakeSwap, due to which the scale of the scam turned out to be less than if the token was lucky enough to get on one of the popular exchanges. And although many cryptanalysts initially warned about the high risks of investing in this idea, most users won over even the trite name of the coin against the background of the general excitement from the sensational series.
It is worth noting that the creators of the project were initially not credible due to the impossibility of leaving comments on social networks and many grammatical errors in the white paper Squid Game. Shortly after the exit scam, Squid Game's Twitter account was flagged as fraudulent, and CoinMarketCap has been posting a red warning for over a week about investor complaints about the inability to withdraw funds.
But, apparently, this does not bother anyone, since today the token has been activated again, and users continue to invest in it. Now the price of SQUID is $0.08318, and the project team itself announced on November 1 “attempts to hack” Squid Game and its smart contract.
The developers emphasized that they are depressed after the incident and announced the lifting of restrictions on the withdrawal of funds. In this regard, many members of the crypto community noted that the ability to convert SQUIDs into other tokens or withdraw them has indeed become available.
How much you can believe the statement of the creators of SQUID about hacking everyone will decide for himself. One thing is certain - investing in a project that does not have a clear concept and parasitizes pop culture is not the most profitable idea.
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