Squid, the cryptocurrency of The Squid Game, reached a value of $ 2,861 before falling to 0.
Yes, The Squid Game has been a success and it is a very good series, so far so good. But it seems that what surrounds the last great production of Netflix not exactly pretty, or at least in this case. As you may have already found out, Squid, the cryptocurrency that was taken from the sleeve and that is inspired by the aforementioned series, it turned out to be a scam. This cryptocurrency came to have worth $ 2,861 before plummeting to 0, according to the portal CoinMarketCap.
The cryptocurrency had a value of $ 2,861
As reported from Gizmodo, the scam was discovered when the creators abandoned the project taking more than 3.38 million dollars from all those who had invested in Squid. To put us in a situation, the process of said scam works in a fairly well-known and clear way. Basically, the creators of the happy cryptocurrency, They sell all at once while the value is high, and when they make the flight with all the money they cause Squid to devalue dramatically.
Really, from the beginning things did not look too good. Squid was presented as a project that was based on the Netflix series, who has denied any relationship with this scam, but at no time were there any signs of being too reliable. This is something that could be seen from its own website, which had several spelling errors (currently no longer active, but can be visited in the archive), but also his social networks already let him intuit that something was not right (No one could reply to his posts on his Twitter, for example). Although the main indication that this was a vociferous scam was that, investors of the aforementioned cryptocurrency could buy, but not sell.
Investors could buy the cryptocurrency, but could not sell it
It is worth mentioning that since ** CoinMarketCap has already warned investors that Squid could be a scam. Apparently, you could read “extreme precautions”. Still, it didn’t do much good, as they finally got carried away with the success of the show and put their money in. Without a doubt, a very bad decision. By the way, as a curious detail, the infamous cryptocurrency was advertised among investors in the style “Play to earn ** “, a system that consists of earn tokens as you participate.
As much as it hurts, sometimes relying on exponents of pop culture for these purposes does not seem like a good idea, really.
Related topics: Technology
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