Squid Game – another potentially new digital crypto token lost almost every value within minutes. Investors along with analysts already denoted the currency’s absolute collapse as an apparent scam.
The digital token inspired by the ‘Squid Game’ series managed to gain attention after entering the market. In fact, ‘Squid Game’ on Netflix is said to become the most-watched TV series in history. The token named Squid even marketed itself as ‘Play to Earn Cryptocurrency’ to resemble the series.
Anyone can earn crypto through playing online games to make later withdrawals for exchanges.
However, it was extremely criticized for not allowing the clients to resell the purchased currencies. It led to a particular type of scam, commonly referred to as ‘Pull Plugs’.
In this case, the promoting personnel draws in buyers or clients first towards the token. But circulating authority completely halts, terminates, stops the trading activity after making a fortune.
The alleged token was trading at a minimalistic 1 cent, even last Tuesday. However, the trading price literally skyrocketed to reach $2860 within a week for no reason.
But CoinMarketCap confirms its current value to become nearly zero, plummeting by 99.99%. Creators of the coin should make at least $3.3 million before wiping out the trades.
Tech site Gizmodo warned on Friday that the intended token was likely to be a scam. The eventual scam left nearly 40,000 Squid holders at a loss to take further action.
A potential client from the Philippines to invest about $1000 in the crypto talked to NBC News. He helplessly watched Squid fall within minutes without any way to make withdrawals. Within five minutes after hitting the max value, everything went away – the report said.
Scammers, as well as frauds, have been targeting the crypto world since its total breakout. Likewise, experts aren’t exactly surprised to watch one of the largest & fastest crypto scams.
New altcoins can enlist themselves on decentralized exchanges on the first day of creation. Absence of due diligence as well as regulation holds high primary investment risk.