The cryptocurrency inspired by Netflix hit show ‘Squid Game’ collapsed close to zero in what appears to be a rug pull scam after the anonymous creators behind the project sold off their holdings, shut the project’s website down, and ran off with millions of dollars.
Squid Game Scammers Runs Off With $3.3 Million
The price of the SQUID token crashed to nearly zero after the developers behind the crypto project announced on its official Telegram channel that they do not wish to continue with the project due to the stress of dealing with scammers.
“Someone is trying to hack our project these days. Not only the twitter account @GoGoSquidGame but also our smart contract. We are trying to protect it but the price is still abnormal. Squid Game Dev does not want to continue running the project as we are depressed from the scammers and are overwhelmed with stress. We have to remove all the restrictions and the transaction rules of Squid Game. Squid Game will enter a new stage of community autonomy.”
Launched last week, with a pre-sale on Oct. 20, priced around just over a penny, the token’s price skyrocketed throughout the past week, hitting close to $40 over the weekend. It then stepped up to about $90 early Monday, then spiked to just above $2,861 before falling to $0.003467 at 10 a.m. ET and currently sitting around $0.002899.
The developers reportedly made off with an estimated $3.38 million, according to the technology website Gizmodo. Cryptocurrency price-tracker CoinMarketCap even went far ahead to warn potential investors that SQUID was probably a scam, displaying a warning to “exercise extreme caution” if they bought the crypto.
SQUID token is a play-to-earn cryptocurrency inspired by Netflix’s blockbuster Squid Games where contestants play games that can end in riches or death.
The token gained mainstream attention after rising over 35,000% in just three days despite several red flags including grammatical and spelling errors in the project’s white paper including the fact that investors could buy but not sell the token due to its supposedly ‘anti-dumping technology.’
- "
- 11
- 9
- Account
- All
- announced
- around
- border
- buy
- community
- continue
- contract
- crypto
- cryptocurrency
- dealing
- Dev
- developers
- dollars
- Early
- Exercise
- game
- Games
- hack
- HTTPS
- Including
- Investors
- IT
- Mainstream
- million
- Monday
- Netflix
- official
- Paper
- price
- project
- protect
- rules
- Run
- running
- Scam
- Scammers
- sell
- smart
- smart contract
- sold
- Stage
- stress
- Technology
- Telegram
- token
- transaction
- Website
- week
- weekend
- white paper
- zero