The Squid Game turned out to be a scam. I'm not talking about the blockbuster Netflix show that has been captivating the world of for weeks. I am referring to the cryptocurrency that is inspired by the series. Squid cryptocurrency crashed on Monday, but hucksters who took advantage of the show's popularity managed to save about $3.38 million(approximately Rs 25.3 crore). According to coin market cap, after reaching a high of $2861,the currency fell to just $0 and investors lost all their money.
Launched last week amid great skepticism, the Squid Game cryptocurrency crypto was just one of the most common piracy practice in the world. This is called a "rug pull". When the creators of cryptocurrency cash out currencies for real money, perhaps when prices reach an all-time high-in the case of Squid cryptocurrency it was over 310,000 percent-almost no liquidity is left in the exchange. Any more trade. Therefore, investors cannot sell their coins.
Squid Game currency was made available for purchase on October 20, allowing investors to purchase a pay-to-play token for and online Game inspired by the Korean show. The motivation behind cryptocurrency was very straight forward. Like many debt-ridden people playing do-or-die versions of the Netflix series, investors belied that similarly planed crypto would earn the more Squid tokens.
The most obvious way to find out if Squid Game cryptocurrency is a scam was through its website Squid Game cash. The now-defunct 3- week- old website had grammatical errors and many strange spellings. They were both supposed to be Red flags for investors, and they are no high and dry. Crypto's social media accounts also disappeared in one fell scoop. There was also a telegram channel for people involved in the Squid trade, but it did not allow comments from the creators- another Red flag.
But the biggest red flag came when investors began to have trouble selling their Squid tokens on the platform. With the search in the value of cryptocurrency last week, which could have led to bumper coverage in the mainstream media, suspicions began to grow that the token would be part of a scam. But before anything could be done, the creators took the currency out of the market and wiped out all its liquidity. CoinMarketCap wants investors against investing their money in the currency, saying, "please exercise your own attention and caution when trading".
Just because crypto is a fad right now doesn't mean you should inadvertently-almost foolishly- invest in a scam that seeks to influence a pop culture item to gain attention. Before the Squid Game, hackers tried to steal people's money from the crypto commando, inspired by the Disney plus show Mandalorian. Disney quickly discovered it and warned people against it. It is difficult to distinguish between legal cryptocurrency and counterfeit, but investors need to be more careful.
Launched last week Amit great skepticism, the Squid Game cryptocurrency crypto was just one of the most common piracy practices in the world. Squid Game the most obvious way to know if cryptocurrency is a scam was through its website.
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