The Squid Game Crypto Vanishes Away in Apparent Scam
Squid token disappear after price jumped more than 310,000% in value and then crashed
On Monday, the Squid Game-inspired cryptocurrency collapsed after rising 310000% in value. This happened within two weeks of the currency becoming available for investors. Apparently, the Squid Game crypto was nothing other than a scam token.
Squid Game crypto
On Sunday night, the Squid token was significantly higher in value. However, soon after, the Twitter account of the coin got flagged and restricted for “suspicious activity.” And just before collapsing, the price of the token was $2,856.
Since then, the social media accounts of the Squid Game crypto along with its website have all disappeared. Furthermore, the white paper that initially described the Squid crypto is nowhere to be seen either.
The Squid Game crypto initially became available for investors on 20th October. Initially, the coin was supposed to be a token for an online game inspired by the hit Korean series Squid Game. The series involved several deadly children’s games that indebted people played to win cash.
An online game inspired by the series was supposed to come out in November. Furthermore, the promoters of the Squid Game crypto stated that the winners of the online game would receive more squid tokens. However, many speculators mentioned the risks of the Squid crypto being a scam.
Eventually, as the price hiked, investors faced several difficulties selling their coins. Furthermore, multiple reports now suggest that the white paper of the Squid Game crypto had several grammatical errors as well.
If it was truly a scam, then the unknown creators of the Squid Game crypto could have gone away with up to $2.1 million after the crash. Even CoinMarketCap warned buyers about the risks of the Squid crypto being fraudulent. Regarding this, the websites stated, “please do your own due diligence and exercise caution while trading.”
One anonymous investor stated, “I lost all of what I had in this project” after losing $5000. An economist from Cornell University, Eswar Prasad stated, “Remarkably, many such coins rapidly catch investors’ fancy, leading to wildly inflated valuations.” Eventually, such fraudulent coins attract naïve investors.
In other news, the Facebook company is rebranding itself as Meta.
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