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Squid Game cryptocurrency likely scam, Twitter accounts temporarily restricted -Breaking

by Mike Robinson

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By Samuel Indyk

Investing.com – The cryptocurrency that gained popularity after being featured on many national and international news sites last week was likely a scam, with the price of the cryptocurrency dropping to almost $0 after trading as high as $38.64 on Sunday.

The token, named after the popular Netflix (NASDAQ:) series but not affiliated to the show, had risen from its opening price of $0.01229 to $38.64 (+300,000%) after launching last week but has since collapsed in what those in the industry are referring to as a “rug pull”. CoinMarketCap defines a rug pull as a “malicious manoeuvre in the cryptocurrency industry where crypto developers abandon a project and run away with investors’ funds”.

Twitter account restrictions

Twitter accounts related to this coin were closed down by the social media platform. The following information was available at the time this article was written @GoGoSquidGameMore than 57,000 people follow this account.

“Anti-dumping technology”

The cryptocurrency’s whitepaper detailed “anti-dumping technology” that prevented users from selling their coins unless certain conditions were met. Users were unable to sell tokens after the price crashed.

CoinMarketCap, a cryptocurrency information website has published a warning to usersIt is available on the site. However, it might be too late for some investors.

“We have received multiple reports that the website and socials are no longer functional & the users are not able to sell this token in Pancakeswap,” CoinMarketCap wrote. “Please do your own due diligence and exercise extreme caution. This project, while clearly inspired by the Netflix show of the same name, is not affiliated with the official IP.”

Gizmodo reports that the Coin’s creators made $2.1 Million from this scam.

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