Scam Alert: Squid Game Token “Drop Dead”. Investor Lost All His Money

KEYPOINTS

  • On Monday, all links to the whitepaper and social media for the “Squid Game”-inspired coin were gone.
  • Last week, the token soared as high as 75,000 percent before plummeting to a fraction of a penny.
  • “The swindle has run its course,” said Bobby Ong, CoinGecko’s co-founder.

Buyers attracted to a cryptocurrency inspired by the Netflix hit “Squid Game,” but links to its website and social media are now gone, implying that it was most likely a hoax.

Buyers have been reporting that they have been unable to sell their SQUID tokens and cash out their earnings in the sole available venue, the Pancakeswap service, in recent days.

In a user note, CoinMarketCap stated that it has received many indications that the websites and social media accounts associated with SQUID were no longer operational.

It is confirmed that trading on Pancakeswap was no longer possible, as reported by the bitcoin data provider.

DEVELOPERS LEFT THE PROJECT

According to the whitepaper for the SQUID project, the token is a play-to-earn cryptocurrency inspired by a South Korean streaming series in which players compete in activities that might result in either wealth or death.

According to CoinMarketCap data, the Squid Game token has risen in value from roughly 1 cent on Tuesday to around $38 late Sunday.

It then rose to around $90 early Monday, peaked at just over $2,861, and then dropped to $0.003467.

“The scam has completed its cycle, and the price has just dropped significantly,” said Bobby Ong, co-founder at CoinGecko.

He further added, “Website and social media accounts being deleted is a very obvious sign that it is a scam.”

On Twitter, some were expressing their worries that the coin was a hoax.

A user named “imbugsy” posted a reaction video on Twitter of a streamer named “Simon Zawa” when he was trading on squid game token and lost his all savings on it.

THE CLAIM GAME

They claimed that no one knew who the creators were, that the words from Elon Musk were bogus, and that they mentioned CoinGecko as a partner, which the company disputed.

“The more people join, the larger the reward pool will be,” issued document of the token reads.

According to the report, the initiative also stated that it will prohibit people from selling the token as a “anti-dumping” tool.

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