Squid Game-Inspired Crypto Price Plunges to Zero, Concerns on Alleged Scam

Tuesday, 02/11/2021 | 21:38 GMT by Felipe Erazo
  • The SQUID token price managed to skyrocket to over 75,000% prior to its collapse.
Squid Game-Inspired Crypto Price Plunges to Zero, Concerns on Alleged Scam
Scams

SQUID, the cryptocurrency inspired by Netflix’s hit TV series ‘Squid Game’, turned out to be part of an alleged $3.38 million scam scheme as its value fell to zero at the start of the month. Last week, the token made the headlines because it significantly skyrocketed by over 75,000% to hit $2,850.

Afterwards, the crypto plunged significantly to reach the $0.002 level in a matter of minutes, according to data from CoinMarketCap.

The promoters of SQUID claimed that the play-to-earn token was inspired and even endorsed by the popular South Korean TV series, saying that the coin already had installed an ‘anti-dumping technology’ that limits holders from selling their SQUIDs against lower demand. However, when the price hit $2,850, users complained that they could not sell their tokens on PancakeSwap, a decentralized Exchange and the only one where SQUID could be allegedly liquidated.

“The more people join, the larger reward pool will be (sic). Developers will take 10% of the entry fee with the remaining 90% given to the winner,” its Whitepaper claimed. Still, red flags on the project started to arise when its website showed that Netflix was allegedly one of their partners, together with Microsoft and Coingecko. Though, there was no truth to any of this.

Moreover, none of the key members listed in the website’s project appeared online or on social media like LinkedIn to check their professional background, suggesting that they did not exist.

CoinMarketCap Statement on SQUID

After suspicions of an alleged scam, CoinMarketCap issued the following statement on SQUID’s token page: “There is growing evidence that this project is rigged. Please do your own due diligence and exercise extreme caution. This project, while clearly inspired by the Netflix show of the same name, is NOT affiliated with the official IP.”

As of press time, SQUID’s official website is offline, and its official Twitter profile is ‘temporarily restricted.’

SQUID, the cryptocurrency inspired by Netflix’s hit TV series ‘Squid Game’, turned out to be part of an alleged $3.38 million scam scheme as its value fell to zero at the start of the month. Last week, the token made the headlines because it significantly skyrocketed by over 75,000% to hit $2,850.

Afterwards, the crypto plunged significantly to reach the $0.002 level in a matter of minutes, according to data from CoinMarketCap.

The promoters of SQUID claimed that the play-to-earn token was inspired and even endorsed by the popular South Korean TV series, saying that the coin already had installed an ‘anti-dumping technology’ that limits holders from selling their SQUIDs against lower demand. However, when the price hit $2,850, users complained that they could not sell their tokens on PancakeSwap, a decentralized Exchange and the only one where SQUID could be allegedly liquidated.

“The more people join, the larger reward pool will be (sic). Developers will take 10% of the entry fee with the remaining 90% given to the winner,” its Whitepaper claimed. Still, red flags on the project started to arise when its website showed that Netflix was allegedly one of their partners, together with Microsoft and Coingecko. Though, there was no truth to any of this.

Moreover, none of the key members listed in the website’s project appeared online or on social media like LinkedIn to check their professional background, suggesting that they did not exist.

CoinMarketCap Statement on SQUID

After suspicions of an alleged scam, CoinMarketCap issued the following statement on SQUID’s token page: “There is growing evidence that this project is rigged. Please do your own due diligence and exercise extreme caution. This project, while clearly inspired by the Netflix show of the same name, is NOT affiliated with the official IP.”

As of press time, SQUID’s official website is offline, and its official Twitter profile is ‘temporarily restricted.’

About the Author: Felipe Erazo
Felipe Erazo
  • 1036 Articles
  • 43 Followers
About the Author: Felipe Erazo
Felipe earned a degree in journalism at the University of Chile with the highest honour in the overall ranking, and he also holds a Bachelor of Arts in Social Communication. In addition, he has been working as a freelance writer and Forex/crypto analyst, with experience gained from several forex broker firms and crypto-related media outlets around the world. He has been involved in the world of online forex trading since 2010 and in the crypto sphere since 2015.
  • 1036 Articles
  • 43 Followers

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