The story of SQUID serves as a warning to retail investors.
An unofficial Squid Game cryptocurrency called SQUID went live and evaporated in less than a month. Its creators, unidentified, abandoned the project and took the entire $3.38 million and then disappeared.
The SQUID cryptocurrency is not officially associated with Squid Game, the popular Netflix show that launched on September 17. Anyone who visits inkgame.cash (now defunct) or reads its Twitter (also dead) and purchasing SQUIDs are not protected by any reputable organization.
After launch, SQUID increased more than 1000 times within 1 week. But then it all fell apart quickly. The price of SQUID coin from 628 USD to 0.00079 USD in just one afternoon. This crazy change made many investors unable to react. SQUID’s tens of millions of dollars in capitalization evaporated, leaving investors’ tokens almost worthless.
Things got worse when the major virtual currency exchanges closed their liquidity with SQUID. That means that even if you want to sell right now, you can’t place orders anymore. The pile of tokens they own is now worthless. According to the New York Times, the creators of SQUID may have made a profit of up to 3.38 million USD, most of which came from investors.
The story of SQUID serves as a warning to retail investors, who are always reeling from the big profits ahead. The crypto market is very risky and if you don’t have the knowledge, you can easily fall prey to scam projects like SQUID.
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Source link: Squid Game cryptocurrency scam, the leader took all 76 billion and disappeared
– Emergenceingames.com
