Squid Game turned out to be a scam, after all, I don’t mean the hit Netflix show that captivated the world for weeks, but the eponymous cryptocurrency that was inspired by the series. But street vendors who took advantage of the show’s popularity managed to make an estimated $ 3.38 million (about 25.3 core). After peaking at $ 2,861, the coin dropped to just $ 0, according to CoinMarketCap, and investors lost all of their money.
The cryptocurrency Squid Game was launched last week under widespread suspicion and was just a facade for a very widespread theft practice in the crypto world. It is called “rug pull”. It is when the creators of the cryptocurrency top up the coins for real money. possibly when the prices have reached an all-time high, which in the case of the crypto currency Squid was over 310,000 percent and thus almost no liquidity remains on the exchange for other operations and investors can therefore not sell their coins.
Squid Game cryptocurrency went up for purchase on October 20, allowing investors to purchase a payment token for an online game inspired by the Korean show. The inspiration behind the cryptocurrency was very simple. Just like various people in debt playing fun versions of kids’ games to make money on the Netflix series, investors believed that similarly planned cryptocurrencies would earn them more squid tokens.
The most obvious way to find out that Squid Game cryptocurrency was a scam was through the SquidGame.cash website. The three-week-old, now defunct website had grammatical errors and some strange spellings. These two should have been warning signals for investors who are now stuck after the raid. Social media accounts in cryptocurrency also disappeared immediately. There was also a Telegram channel for people involved in the squid trade, but it didn’t allow comments from anyone other than the creators – another red flag.
But the biggest red flag came when investors struggled to sell their squid tokens on the platform. With the increase in value of the cryptocurrency in the past week, which is mainly due to the large coverage in the media, doubts arise that the token could be a part. But before they could do anything, the creators took the coin off the market and used up all of its liquidity. CoinMarketCap even warned investors not to put their money in the coin and urged them to “please exercise your own care and caution when trading.”
Just because cryptocurrencies are in fashion right now doesn’t mean you invest frivolously and hardly at all think of a scam that simply tries to take advantage of an element of pop culture to grab attention – Mando, who was inspired by the Mandalorian show on Disney +.Disney recognized it quickly and warned people about it. It is difficult to tell a legitimate cryptocurrency from a fake one, but investors need to be more careful.
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