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‘Squid Game’-inspired crypto scam crumbles, price crashes from $2.8K to zero By BTC Peers

by Mike Robinson

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© Reuters. ‘Squid Game’-inspired crypto scam crumbles, price crashes from $2.8K to zero

The new digital coin, inspired by Netflix’s blockbuster series Squid Game (NASDAQ:), has deceived investors up to $3.38-million. It appears that it is a rug pull.

After surpassing $2850 on Nov. 1, at 09:35 UTC, the cryptocurrency plummeted to just a cent. It happened on the back of an unprecedented bull run of 75,000%. This demonstrates the huge demand for SQUID from traders ever since Oct. 26, when it was launched.

Inspired by the popularity of the Squid Game series, the cyberpunks promoted SQUID as a play-to-earn cryptocurrency, just like in the movie where people risk their lives to play a series of children’s games for cash bounty.

SQUID’s prices soared from $0.01 Oct. 26th to more than $38 Sunday. The price then jumped to $90 on November 1, causing a huge pumping round, which pushed its value further up to over $2850. Only for it to plummet to $0.002 just a few minutes later.

BTC PEERS stated that prior to the huge crash, users could not sell their SQUID holdings through PancakeSwap. This was the only marketplace with an estimated 45,000% increase.

The SQUID founders stated in their defense that they had deployed an “anti-dumping technology” that limits people from selling their tokens against lower demand. This is the whitepaper for Squid Game:

As more people sign up, the greater will be your reward pool. […]Developers get 10%, with the remainder going to the winner.

CNBC also published the SQUID token founders’ claims without omissions, as it called SQUID the “very own brand” of the Netflix show.

Squid Game founders claimed that they are associated with Netflix as the official token partner. The founders of Squid Game also claimed that they were a strategic partner with CoinGecko, a crypto data provider.

However, CoinGecko co-founder Bobby Ong refuted the claims in an interview, saying “[SQUID]This listing did not satisfy our criteria. It will be removed from CoinGecko. It’s most likely a scam.”

CoinGecko’s rival CoinMarketCap listed SQUID on its platform with a warning about the cryptocurrency’s dubious nature in a notice that read:

This project is showing signs of wear. You should do your research and be extremely cautious. While this project is clearly inspired by Netflix’s show of the exact same name, it has no affiliation with its official IP.

Meanwhile, analysts noticed that the founders of the token had no profiles on LinkedIn, with a Twitter (NYSE:) user calling SQUID a “100% rug pull.”

It seems that the SQUID holders are now out of luck, with the sole winners being the evil actors who created the project.

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