Squid Game Crypto Token Collapses in Apparent Scam!

cryptocurrency 4 weeks ago

Easy come, easy go, as they. The price of a new cryptocurrency inspired by the hit Netflix series “Squid Game” has collapsed in value in an apparent scam after skyrocketing more than 300,000 percent in its first week of trading. 🚀 Save money on every crypto trade you make with StormGain! Enjoy a onetime 0.1% trading fee with this link: At the time of recording, the value of the Squid Game coin has collapsed 99.99 percent to less than three cents per coin, down from over $2,850 at one point on Sunday, according to data from CoinMarketCap. In a major red flag, the site issued a warning to investors that holders of the coin aren’t able to sell it on Pancakeswap, a popular decentralized exchange. “We have received multiple reports that the website and socials are no longer functional & the users are not able to sell this token in Pancakeswap,” CoinMarketCap said. They also warned investors in the coin with the SQUID ticker to do their own due diligence and exercise extreme caution and that the project, while clearly inspired by the Netflix show of the same name, is not affiliated with the company that owns its intelectual rights. In another red flag tied to the crypto, the now-deleted white paper for the project included grammatical errors which has been a bad sign in previous scam cases. The collapse in value of the crypto came hours after Twitter flagged accounts associated with the crypto as suspicious and restricted access to them. It’s not clear exactly what happened to the crypto, but traders speculated on social media that it was a classic so-called rug-pull scam in which the developers of a crypto abandon the project and steal the funds invested in it. According to CoinDesk, the developers behind the project said Monday on their official Telegram channel that they didn’t want to continue running the project due to the stress of dealing with hackers. 00:00 Intro 00:54 Warning flags 01:50 Twitter closed 02:35 Rug-pull? 03:34 Recap 📊 Join our global trading community on Telegram. Get access to a free trading course, trading signals, and receive help from professional cryptocurrency traders. ✈️ JOIN NOW!: TWITTER: FACEBOOK: INSTAGRAM: TIKTOK: Disclaimer: Although BeInCrypto aims to inform and educate readers from all over the world, it is important to remember that investing in cryptocurrency is risky. Neither this video nor its authors should be held responsible for any investment decisions, and nothing published here should be considered financial advice. We always urge our readers/viewers to do their own research and never invest more than they can afford to lose.
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