Users unable to liquidate Squid Game token amid 45,000% gain By BTC Peers
SQUID is a brand new cryptocurrency inspired by Netflix’s blockbuster series Squid Game. However, its investors are unable to liquidate their investments.
CoinMarketCap (CMC), a leading crypto tracker, has issued a warning message to investors in SQUID tokens as a response.
We’ve received numerous reports from users that they are unable to trade this token in PancakeSwap. Trades should be handled with caution.
CMC reports that PancakeSwap was the only SQUID-listed platform. The token currently trades at $5.71 and is among the top gainers on CoinMarketCap, with a daily trading volume of $7 million.
Amid the burgeoning status of SQUID plus reports emanating about users’ inability to sell the token, the crypto community is beginning to have suspicions that the token is a scam.
Crypto Tyrion (Twitter (NYSE)) discovered that SQUID founders were not on LinkedIn, the largest professional network. He further opined that it is a “100% rug pull,” based on the fact that the Squid Game token blocked Twitter comments while being inactive on Telegram and Discord channels.
Closed Telegram group: ❌❌❌❌Closed discord: ❌❌❌❌Blocked Tweets comments: ❌❌❌❌No founder Linkedin: ❌❌❌❌CNBC article to pump: ❌❌❌❌CONFIRMED SCAM@IncomeSharks @jaynemesis
— Crypto Tyrion (@Cryptotyrion) October 29, 2021
Other observers also highlighted apparent issues in the Squid Game token’s whitepaper, such as poor grammar, spelling errors, and claims that are somewhat “impossible to verify.”
Scamadviser.com, an online scam-checking site, has rated this token as fake with a trust score 45 out of 100.
Meanwhile, CMC issued a statement suggesting that SQUID’s bullish rally may imply that playing the Squid Game as described in the project’s whitepaper may be unaffordable for most participants due to the holding requirements of the token.
CoinGecko is a rival to CMC and has been very quiet about the SQUID issue so far. Bobby Ong, its co-founder, said that the token “did not meet our listing criteria” hence will not be posted on CoinGecko. Most likely, it’s a fraud.
He also stressed that CoinGecko is not an official partner of the token contrary to information on the token’s website.
It is absolutely false. We are neither a partner or affiliated with Squid Game.
The tokens whitepaper read that the “liquidity of SQUID will be locked for three years on DxSale which prevents any unseen and immediate changes to SQUID liquidity pool. Unlock date is Oct 20th, 2024,” and some media outlets like CNBC have reported that the Squid Game whitepaper talked of an “anti-dumping technology” which restricts people from selling their coins.
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