The Squid Game’s Cryptocurrency Creators Collapsed the Token and Turned Out to Be Scammers
The value of the hyped cryptocurrency SQUID, which was associated with the popular series from Netflix "Squid Game" collapsed to zero. These statistics are shown by CoinMarketCap rating.
Last week the price of token jumped about 70 times. While on October 27 at 12:10 a.m. one token was selling for $0.06, by midday on October 29 its value had risen to $4.2.
On the day of November 1, the coin was pumped to an unbelievable $2,857, but soon it collapsed to $0.0036 USD, as expected, and continued to decline. That is, in fact, SQUID is worth nothing.
Some media claimed that the developers pulled off a scam scheme and withdrew funds at the peak and then shut down the project. This could have been foreseen by a hastily written white paper full of grammatical and spelling errors and a site that was only one month old.
As of November 2, neither the official website nor the developers' account on Medium is active, and the Twitter page is blocked due to excessive activity. This convinces users that the creators have gone underground along with the investors' money.
The only communication channel left is a Telegram chat in which the authors, or persons calling themselves as such, claim that they no longer wish to work because of the stress caused by the scammers. After that, the token trading ban, allegedly in effect before the online game based on the series, was removed.
Trading volume increased by 130%, and the token was only available for trading on the decentralized platforms PancakeSwap and DODO (based on Binance Smart Chain).
Pre-sales of coins began on October 20. The online contest was scheduled for November. The amount was not initially determined, and the number of participants was not limited. A minimum of 456 tokens had to be purchased to participate in the contest. In the last round, participants had to pay 15,000 tokens and buy one of the proposed NFTs.
However, as a result, the creators most likely disappeared with about $2 million.