Squid Game Cryptocurrency: Signs of A Big Scam
|Researchers notives Squid Game Crypto As A 'Scam'|
Squid Game Crypto Update
*Squid Game cryptocurrency Squid rises 1,00,000%. On Tuesday, the coin was trading at $0.01235. By Saturday October 30, it was commanding a price of $13.60, as per CoinMarketCap.
What is Squid Game Crypto (Token)?
The price of a new cryptocurrency inspired by the hit Netflix series “Squid Game” has skyrocketed more than 86,000 percent in just its first few days of trading.
The Squid Game project is a crypto play to earn platform that was inspired by the show. Squid is becoming popular for its ‘play-to-earn’ theme, where people buy tokens to play online games where they can earn more tokens. These can also be exchanged for other cryptocurrencies or fiat currencies. In the case of the SQUID, many buyers will be gamers looking to play in the online game of the program, which starts in November and will mimic the six rounds of games used in Squid Game, the original OTT series. Each level requires a higher entry fee and the developers will keep 10% of the entry fee with the remainder paid out to the winner.
However, there is no ‘death’ associated with it, in this version of the game.
SQUID Game Coin, a play-to-earn token, has seen gains of 86,249%, as of 3:39 p.m. ET.
On Tuesday, the coin was trading at $0.01235. By midafternoon Friday, it was commanding a price of $11.16, according to CoinMarketCap. In addition, it boasted a (self-reported) market capitalization of nearly $5 billion. In the past 24 hours, the token is up 403%.
It seems like the craze around the show does not end there.
A Big Scam Scheme: Unable To Sell The Token SQUID
However, the crypto community suspects the token inspired by the Netflix show “Squid Game” of being a big scam.
Many enthusiasts in the crypto community have alleged that the new coin is likely to be a scam scheme.
Many investors are reportedly unable to sell the new token - Squid Game (SQUID) — inspired by the eponymous Netflix show.
“We have received multiple reports that the users are not able to sell this token in PancakeSwap. Please exercise caution while trading,” major crypto tracking website CoinMarketCap noted in a warning about the SQUID (game) token. Pancakeswap is a popular decentralized cryptocurrency exchange.
As far as we can make sure, there’s no way to actually cash in on those profits. It’s easy enough to buy SQUID token, but, selling it is impossible. The users will be able to put real money directly into the Squid Game coin. But, there is still no evidence that users will ever be able to take it out.
| Who Are The Creators of Squid Game Crypto? |
As of the moment, we are still unknown as to who is behind the Squid Game coin, who created token and founder.
Fact-Check: Website Of Squid Game Crypto and Social Channels
|Website of Squid Game Coin: Scam!|
'Squidgame.cash' - The website for the said Squid Game crypto (token) actually looks like a white paper and its own audit. The Squid Game cryptocurrency was available at the domain SquidGame.cash which was registered back in October 12, 2021.
The website Squid Game Crypto is just absolutely flooded with oddities and warning signs.
Neither of SQUID’s official social media channels — there’s a Telegram group and a Twitter account allow comments.
There is a Telegram channel that was set up that isn't even open to comments from those on the outside. It was also found that even the Twitter account actually makes it impossible for regular people to actually reply to the post.
SQUID token is being traded via a platform called PancakeSwap, which is basically like an indie version of the mainstream trading sites more people are familiar with. Anyone can create and distribute a new cryptocurrency on PancakeSwap.
Because it’s so easy to use, though, the site is also very susceptible to scams. PancakeSwap doesn’t guarantee anything about your transaction will be legitimate. CoinMarketCap add a warning to the top of the SQUID trading page: We have received multiple reports that users are not able to sell this token in Pancakeswap.
Some observers also pointed out apparent issues in the Squid Game token’s white paper (Squidgame.cash), including poor grammar, spelling errors and claims that are “impossible to verify.” According to popular scam-check source Scamadviser, the Squid Game token’s website is suspicious, with a trust score of 45 out of 100.
|Input Magazine warns: The site’s large banner claiming “Elon Musk Shilled For Squid Game, $SQUID To The Moon.” The banner links to a tweet where Elon simply mentions Squid Game. Nothing about the currency. Not even a little bit. One section of the site is dedicated to some sort of game that’s ostensibly in the works, whereby anyone will be able to “win” SQUID tokens by playing. There is no evidence that this game, which seems central to the token, will ever exist.|
Should You buy Squid Game Token: NO!
CoinMarketCap issued a warning that some users are “not able to sell this token” and “please exercise caution while trading!”
That said, buying Squid Game coin now is something that is meant for people with a high risk tolerance.
"Investors should exercise caution while jumping onto the Squid bandwagon,” said Sharat Chandra, a Blockchain & Emerging Tech Evangelist. "Due to the coin’s anti-dumping technology, users will not be able to sell the tokens if certain conditions are not fulfilled."
Cornell University economist Eswar Prasad told the BBC that: “Remarkably, many such coins rapidly catch investors’ fancy, leading to wildly inflated valuations. Naive retail investors who get caught up in such speculative frenzies face the risk of substantial losses”.
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