The Squid cryptocurrency, whose name relates to Netflix fame “Squid Game”, scammed investors off their money on Monday, wiping out their investments.
The Squid Crypto Scam
Crypto crash is a term we frequently hear about. Such a scam took center stage on Monday when traders invested $2,856 on Squid crypto and lost the entire amount within ten minutes flat.
The Squid cryptocurrency was on a roller-coaster ride on Monday. The digital currency Squid launched just weeks ago gained mainstream attention, attracting many investors to it. But the crypto scam ripped people off their investment, eroding their capital.
The Squid crypto launched on October 20 was trading at just 1 cent. But soon, it gained investor attention, and by Monday, it skyrocketed to $2,850. Currently, the value of the Squid is back at a price lower than a cent.
On Monday, the value of the crypto was $38. Within 10 minutes, the value zoomed to $628 and then to $2,856. In another five minutes, it was trading at $0.0007.
Squid got the attention of media outlets. The crypt captured the attention of crypto investors by the Netflix show “Squid Game”.
The creators just vanished after the crypto prices collapsed. The website, SquidGame.cash went offline, and no email reached the developers. On Twitter, there were no replies.
Investors were unable to sell their crypto tokens when the prices zoomed up high.
CoinMarketCap head of content, Jane Zuckerman, calls it “rug pulling”. Investors have lost their investments, and the developers left the market with their money.
Squid Game on Netflix
The Squid appeared on the trading platform Pancakeswap. The crypto-token inspired by the popular Netflix series attracted young investors into its game. The game reflects the suffering and injustice bestowed on helpless people. Gamers invited to join the virtual game would receive rewards, said the website. It was play-to-earn crypto for the Squid Game project, said the website.
The Squid game reveals the detached and cold manner in which people were put to death. The violent games depict the social injustice between the rich and poor. Shooting and gunning down people, sexual scenes and, violence is overwhelming. Greed and violence are the main themes of this show. And Squid crypto developers have used the same features to scam investors of their money.
The altcoin created on Binance Smart Chain, the largest crypto exchange, now has a security team to trace the funds. Investors are not putting their money with proper research into cryptocurrencies with strong communities, say authorities. Scam projects are becoming common in decentralized finance (DeFi) space. Though the media coverage gave red flag warnings on the crypto, they went unnoticed. People remained spellbound by the skyrocketing prices.
Regulators say that the website filled with spelling mistakes and fake claims was obviously, a fake site. There were false claims stating partnership with Netflix. However, Netflix has no affiliation with the crypto, say officials.
The developers placed various features that prevented them from selling their holding in Squid tokens. The website mentioned that it needed another token Marbles to sell the Squid, and Marbles was available only by participating in the game.
Blockchain search engine BscScan states that more than 40,000 people had Squid tokens, and they lose more than 99% of their value if they sell their holdings now. There is no point in selling them, say investors. Millions of dollars just vanished. Many investors felt duped as they thought it had authorization from the Netflix show.
Regulatory gaps fill the crypto currency market. High volatility hurts investors, especially as investors do not know the scamming team behind new cryptos that pop up frequently in the crypto world.
Regulators ask investors to research before investing money in the volatile crypto market.
Top Cryptocurrency Prices Today
Investors can turn to forums and check out the community to understand the altcoin and see if they can make an investment. The founders of crypto are important for choosing crypto. Bitcoin, Ethereum, XRP, and Litecoin are some cryptocurrency that gained popularity and show constant growth.
Bitcoin prices rose sharply higher to lifetime highs at $66,960 on October 20. The world’s largest cryptocurrency fluctuates between $60,000 and $64,000 for the past two weeks. Bitcoin has the highest liquidity value, and its adoption may multiply in the years to come say, experts.
Ether prices are trading higher, moving to new high levels in October. It has been climbing upwards steadily from $2,975 on October 1, to $4,550 today. The market capitalization is at $540 billion. It was the first to introduce smart contracts and blockchain technology.
Shiba Inu is a crypto that lost much of its gains. The meme coin runs on the Ethereum network.
Other popular coins like Solana, XRP, Cardano, and Litecoin are losing value.
Investors are willing to diversify their portfolios. Companies accept cryptocurrencies as legitimate payment, and it is the best time to invest in crptocurrencies.
Crypto market cap has grown higher with massive buying to $2.7 trillion. Million are investing in cryptocurrencies, as there are more than 6,000 cryptocurrencies in the market as of 2021. New coins enter the market frequently.