The cryptocurrency token inspired by the popular Squid Game the South Korean Netflix series collapses just within two weeks after the investors started buying proven as to be an apparent scam. Squid lost all of its value after Twitter warned the cryptocurrency’s account and temporarily blocked it due to “ suspicious conduct “ after it jumped more than 3,10,000 percent in value as of Sunday night. Squid was trading at just one cent on Tuesday. It’s value had risen to over $2,856 in less than a week. According to cryptocurrency tracking website CoinMarketCap, it’s value has now dropped by 99.99 percent.
How the token and the game are related with each other:
The game was supposed to be live in November, and it’s organizers promised that champions would get more Squid Tokens. Squid was described as a currency that could be used in a new online game based on the Netflix series ,which follows a group of people who are compelled to play dangerous children’s games for money. On October 20, the cryptocurrency was made available for purchase with the intention of being used as play to play token.
Warnings given against the Crypto:
Cryptocurrency specialists, on the other hand had warned of multiple red flags indicating it was most likely a hoax. The fact that people who bought squid tokens were unable to sell them was very telling. Critics also pointed out that the company’s website had numerous typos and grammatical issues. The website is no longer available, and the tokens social media pages have also vanished.
According to Cornell University economist Eswar Prasad,” remarkably, many such coins quickly attract speculators’ imagination, leading to drastically inflated prices”. “Native retail investors who become engrossed in such speculative frenzy risk suffering significant losses”.
In reality, blatant pump and dump schemes are common in the crypto realm, with investors often jumping in blindly, hoping to ride the waves and dump their holdings for a quick profit before prices crash. Squid was available for purchase on decentralised cryptocurrency exchanges such as PancakeSwap and DODO, which allows buyers and sellers to connect directly without the use of a central authority.
Squid developers claim they are discontinuing owing of the hardship of dealing with scammers
According to Coindesk, the projects developer said that it was being cancelled owing to the stress of dealing with scammers via its official Telegram Channel. Someone is currently attempting to hack our project. Not only our smart contract , but also our Twitter account @GoGoSuidGame. We’re doing everything we can to safeguard it , but the price is still out of the ordinary. Squid Game Dev does not want to continue working on the project since we are upset and stressed as a result of the scammers. All of Squid Games limits and transaction regulations must be removed. Squid Game will move into a new phase of community autonomy,” It said. Traders , on the other hand , have already filed complaints against the token, accusing it of being a scam from the start.
Stay with hitnewsindustry for the latest update.