Squid Game took over the world’s attention and that also caused some people with shady intentions to take notice. If you add in the fad of cryptocurrency then you have a recipe ripe for exploitation.
$2.1 million is the amount that scammers ran off with, according to reports at gizmodo.com. The aforementioned website claims that they saw this disaster coming, especially because of the whole “you can buy but you can’t sell” deal right off the bat.
Another tell-tale sign was when the SQUID cryptocurrency rose to a price of $2,861 before dropping all the way down to an incredible $0 in the same day. Can you say ‘stock market crash’? Although it isn’t at all the stock market of yore, crypto is a way of making dough much in the same way for this generation, although a lot more confusing.
It’s being called a “rug pull” sort of highway robbery, and many lost loads of cash, or rather crypto cash. The SquidGame.cash website is no longer in existence. CoinMarketCap chimed in on what went down.
“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 in a warning to investors before the scam went full-force.
“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.”
Be careful with whom you invest. Perhaps that’s the lesson here and watch out for pop up sights that want you to pour your money into them. As stated in this piece and at others, specifically at complex.com, the big pointer that something was amiss here, was the fact that those who had purchased coins couldn’t sell them.
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