Game over! ‘Squid Game’-inspired crypto scam collapses as price crashes from $2.8K to zero

Dubbed SQUID, the cryptocurrency had actually rallied by as much as 75,000% to changeover $2,850 however went down to near zero onNov 1.

Game over! ‘Squid Game’-inspired crypto scam collapses as price crashes from $2.8K to zero

A cryptocurrency influenced by Netflix’s worldwide struck television program Squid Game scammed financiers in what shows up to be a $ 3.38-million “rug pull” system.

Dubbed SQUID, the cryptocurrency dove to nearly a portion of a cent mins after going across over $2,850 at 09:35 UTC onNov 1. The fatal decrease oed complying with a 75,000% bull run, showcasing a higher need for SQUID amongst investors after its launching onOct 26.

At the core of the retail trend lay the appeal ofSquid Game The fraudsters advertised SQUID as a play-to- gain cryptocurrency influenced by the South Korean television imaginary program in which individuals place their lives in danger to play a collection of youngsters’s ready the possibility to win 45.6 billion won (~$ 38.7 million).

The advertising scheme assisted press SQUID costs from $0.01 onOct 26 to over $38 onSunday The cryptocurrency after that leapt to $90 onNov 1, introducing a substantial pumping round that pressed its price better to over $2,850, just to accident completely down to $0.002 mins later on.

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Red flags

In the days leading up to the enormous accident, investors had actually grumbled that they can not offer their SQUID holdings in the only offered market, a decentralized exchange called PancakeSwap. In their protection, SQUID creators stated they had actually released a cutting-edge “anti-dumping technology” that restricts individuals from offering their symbols versus reduced need.

“The more people join, the larger reward pool will be (sic),” the Squid Game white paper checked out, including:

“Developers will take 10% of the entry fee with the remaining 90% given to the winner.”

Major information network CNBC additionally released the Squid Game cryptocurrency creators’ cases without noninclusions, insofar that it called SQUID the “very own brand” of the Netflix program.

The Squid Game cryptocurrency creators additionally stated they were associated with the Netflix program as its main token companion. They additionally declared that they had actually gotten in a critical collaboration with CoinGecko, a crypto information company. However, in a meeting with Crypto PumpNews, CoinGecko founder Bobby Ong shot down the cases, claiming:

“[SQUID] did not meet our listing criteria, hence it will not be listed on CoinGecko. It’s most likely a scam.”

CoinMarketCap, a competitor of CoinGecko, noted SQUID on its system however cautioned site visitors regarding the cryptocurrency’s suspicious nature in a notification that checked out:

“There is growing evidence that this project has rugged. 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.”

Related: YouTube networks hacked as well as rebranded for livestreaming crypto frauds

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Meanwhile, experts additionally kept in mind that the Squid Game token creators had no accounts on LinkedIn, with Twitterati Crypto Tyrion judgment SQUID as a “100% rug pull.”

It currently looks like a “game over” situation for the SQUID bag owners.

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William Adamson/ author of the article

Trader with extensive experience in the foreign exchange and cryptocurrency markets. Despite his young age, he is already known in wide circles as a professional in the field of financial analytics and trading, an expert at the International Financial Center.

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