Squid Game, the unofficial play to earn game, is a scam. In a bizarre move that will leave thousands out of pocket, the game developers have pulled out. The $SQUID token used to participate in the game has plummeted to almost $0. We wrote about the rise of $SQUID last week, including the CoinMarketCap warning, stating, “Please do your own due diligence and exercise caution while trading!”
$SQUID is the token that was to be used in the game. This unofficial Squid Game scam was based on the popular Netflix show “Squid Game.”
In less than a week, the price of $SQUID went from $0.032 to a breathtaking $2,856. Finally, after this rollercoaster ride of a week, it is now worth $0.003861 per token. It is a genuinely remarkable collapse; the coin saw a 230,000% rise in just under seven days.
But, as quick as it rose, it fell. It was even quicker. In a single day, it dropped to almost zero. Unfortunately, the Squid Game scam has cost a lot of people their hard-earned money.
In what now seems like a coordinated move, the website, social media accounts, and the money disappeared simultaneously. Although many people have complained over the last week about not withdrawing their tokens or exchanging them, one address managed to. This address traded $SQUID tokens for BNB tokens, totalling almost $2 million. Could this be this Squid Game Scam maker? Most likely.
It is essential to do your research whenever buying a coin, especially meme coins. Much like the Netflix show, this scam preyed on people who wanted to win the grand prize. Unlike the TV show, participants will live to see another day. However, perhaps they will proceed a little more wisely and cautiously in future.
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This article is educational material.
As always, make your own research prior to making any kind of investment.