Yep, that Squid Game crypto was a scam

Daniel Sims

Posts: 229   +11
Staff
What just happened? A cryptocurrency named after Netflix's recent smash hit series "Squid Game" collapsed in value Monday morning. The group behind the crypto and a platform hosting a game associated with the crypto seems to have completely disappeared.

Whoever was behind the $SQUID crypto seems to have performed what investors call a "rug-pull," in which after luring investors to drive up the price of their crypto, they sell theirs off for cash, removing its liquidity. After SQUID peaked at $2,856 early this morning, it plummeted to zero in only a few minutes, according to CoinMarketCap.

Twitter suspended the account associated with the crypto for "unusual activity." The website where people bought the crypto and used it in a game has disappeared, but is still visible on the Internet archive.

SQUID appeared on October 27 and shot up past $30 by October 31. From the beginning, however, there were obvious red flags.

The biggest one was that people who bought SQUID could not sell it. They could use SQUID as tokens to play a game on the now-vanished website from which they could earn another cyrpto from the same creators -- Marble, which could be sold. So in order to earn their money back, investors had to keep playing and potentially keep buying more SQUID.

According to ConMarketWatch, the entry fee for the game was 456 SQUID. The post quotes multiple investors who lost money from the whole ordeal. According to Gizmodo the sellers made off with around $2.1 million.

Squid Game is a South Korean series that premiered on Netflix in September and has since become the streaming giant's most popular series ever. It's about desperate people who are invited to play childrens' games for a huge cash prize, with life-or-death stakes.

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emmzo

Posts: 387   +364
After the crazy success of Dogecoin and now Shiba Inu, there`s like 1000 coins called something Dog Inu, the funniest imo Dogelon Mars and even if they are completely useless, people buy them like there`s no tomorrow, because Musk did this and said that. Squid guys are little league, they only got away with 2.1 mil, all of the above "coins" are now worth tens of billions.
 

QuantumPhysics

Posts: 5,661   +6,447
After the crazy success of Dogecoin and now Shiba Inu, there`s like 1000 coins called something Dog Inu, the funniest imo Dogelon Mars and even if they are completely useless, people buy them like there`s no tomorrow, because Musk did this and said that. Squid guys are little league, they only got away with 2.1 mil, all of the above "coins" are now worth tens of billions.
After the crazy success of Dogecoin and now Shiba Inu, there`s like 1000 coins called something Dog Inu, the funniest imo Dogelon Mars and even if they are completely useless, people buy them like there`s no tomorrow, because Musk did this and said that. Squid guys are little league, they only got away with 2.1 mil, all of the above "coins" are now worth tens of billions.

In order for Shiba Inu to get to even 0.01, it would need to be worth $10 Trillion.

LOL - obvious scam is obvious.
 

BuckarooBonzai

Posts: 38   +19
Another one, Another one, Another one. Today in the news... Would be something if some of these Crypto heists were Government sponsored because it's such an easy way to get money.
 

NightAntilli

Posts: 806   +1,008
Obvious scam was obvious. Anything that uses the name of a successful show, project or entity outside of crypto is 99.9999% of times a scam. The majority of people don't understand Bitcoin, let alone other crypto projects or NFTs.

Never invest in something you don't understand.
 

Bl00dyMinded

Posts: 396   +569
Only people that actually don't follow real crypto would invest in this... Now they paid the price for not knowing. There own fault.

Invest in crypto that actually has contracts and projects lined up. I mean That PolkaDot is banking for me :D