Squid Game-Inspired Crypto Price Plunges to Zero, Concerns on Alleged Scam

SQUID, the cryptocurrency inspired by Netflix’s hit TV series ‘Squid Game’, turned out to be part of an alleged $3.38 million scam scheme as its value fell to zero at the start of the month. Last week, the token made the headlines because it significantly skyrocketed by over 75,000% to hit $2,850.

Afterwards, the crypto plunged significantly to reach the $0.002 level in a matter of minutes, according to data from CoinMarketCap.

The promoters of SQUID claimed that the play-to-earn token was inspired and even endorsed by the popular South Korean TV series, saying that the coin already had installed an ‘anti-dumping technology’ that limits holders from selling their SQUIDs against lower demand. However, when the price hit $2,850, users complained that they could not sell their tokens on PancakeSwap, a decentralized Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term and the only one where SQUID could be allegedly liquidated.

“The more people join, the larger reward pool will be (sic). Developers will take 10% of the entry fee with the remaining 90% given to the winner,” its Whitepaper Whitepaper A whitepaper is defined as a pitch or persuasive, authoritative, and often in-depth report on a specific topic that presents a problem along with a respective solution. Marketers rely on whitepapers for a variety of reasons, most simply to educate an audience about a particular issue or to promote a particular methodology. In the cryptocurrency world, a whitepaper is a document that should contain all of the information about the technology that was used to build a cryptocurrency network, and ho A whitepaper is defined as a pitch or persuasive, authoritative, and often in-depth report on a specific topic that presents a problem along with a respective solution. Marketers rely on whitepapers for a variety of reasons, most simply to educate an audience about a particular issue or to promote a particular methodology. In the cryptocurrency world, a whitepaper is a document that should contain all of the information about the technology that was used to build a cryptocurrency network, and ho Read this Term claimed. Still, red flags on the project started to arise when its website showed that Netflix was allegedly one of their partners, together with Microsoft and Coingecko. Though, there was no truth to any of this.

Moreover, none of the key members listed in the website’s project appeared online or on social media like LinkedIn to check their professional background, suggesting that they did not exist.

CoinMarketCap Statement on SQUID

After suspicions of an alleged scam, CoinMarketCap issued the following statement on SQUID’s token page: “There is growing evidence that this project is rigged. 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.”

As of press time, SQUID’s official website is offline, and its official Twitter profile is ‘temporarily restricted.’