Game over! ‘Squid Game’-inspired crypto scam collapses as price crashes from $2.8K to zero

Dubbed SQUID, the cryptocurrency had actually rallied by as much as 75,000% to changeover $2,850 yet went down to near zero onNov 1.

Game over! ‘Squid Game’-inspired crypto scam collapses as price crashes from $2.8K to zero

A cryptocurrency influenced by Netflix’s globally struck television program scammed capitalists in what shows up to be a $ 3.38-million “rug pull” plan.

Dubbed SQUID, the cryptocurrency dove to virtually a portion of a cent mins after going across over $2,850 at 09:35 UTC onNov 1. The dangerous decline oed adhering to a 75,000% bull run, showcasing a higher need for SQUID amongst investors after its launching onOct 26.

At the core of the retail fad lay the appeal of. The fraudsters advertised SQUID as a play-to- gain cryptocurrency influenced by the South Korean television imaginary program in which individuals place their lives in danger to play a collection of youngsters’s ready the possibility to win 45.6 billion won (~$ 38.7 million).

The advertising tactic assisted press SQUID costs from $0.01 onOct 26 to over $38 onSunday The cryptocurrency after that leapt to $90 onNov 1, introducing a large pumping round that pressed its price additionally to over $2,850, just to collision completely down to $0.002 mins later on.

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Red flags

In the days leading up to the substantial collision, investors had actually grumbled that they can not market their SQUID holdings in the only offered market, a decentralized exchange called PancakeSwap. In their protection, SQUID owners claimed they had actually released an ingenious “anti-dumping technology” that restricts individuals from marketing their symbols versus reduced need.

“The more people join, the larger reward pool will be (sic),” the Squid Game white paper checked out, including:

Major information network CNBC likewise released the Squid Game cryptocurrency owners’ insurance claims without noninclusions, insofar that it called SQUID the “very own brand” of the Netflix program.

The Squid Game cryptocurrency owners likewise claimed they were connected with the Netflix program as its main token companion. They likewise asserted that they had actually gotten in a calculated collaboration with CoinGecko, a crypto information carrier. However, in a meeting with Crypto PumpNews, CoinGecko founder Bobby Ong shot down the insurance claims, stating:

CoinMarketCap, a competitor of CoinGecko, noted SQUID on its system yet advised site visitors regarding the cryptocurrency’s suspicious nature in a notification that checked out:

Meanwhile, experts likewise kept in mind that the Squid Game token owners had no accounts on LinkedIn, with Twitterati Crypto Tyrion judgment SQUID as a “100% rug pull.”

It currently resembles a “game over” situation for the SQUID bag owners.

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Alex Sanders/ author of the article

Expert in marketing and investment project management, financial analyst. Cryptocurrency trader, private consultant, as well as the author of a number of analytical articles on effective work in the cryptocurrency market.

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