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An alert from CoinMarketCap has been sent to prospective purchasers of the cryptocurrency,
SQUID, the new cryptocurrency based on the hit Netflix show Squid Game, has now lost all of its value after it was exposed as a hoax.
SQUID’s worth had previously risen by almost 45,000%.
The Netflix original series Squid Game shattered all kinds of records on its way to becoming the most popular thing on the service ever.
SQUID’s peak value was $2,856 according to CoinMarketCap. When CoinMarketCap’s display page for the SQUID coin changed to include a warning, it was published on the 29th of October. It read:
“We have received multiple reports that the website and socials are no longer functional & users are not able to sell this token in Pancakeswap. There is growing evidence that this project has rugged.
Please do your due diligence and exercise extreme caution. This project, while inspired by the Netflix show of the same name, is NOT affiliated with the official [intellectual property] IP.”
Crypto investors refer to this kind of swindle as a ‘rug pull.’
Someone or a company advertises digital coins and gets people interested. Then they vanish with the money they collected.
According to the technology website Gizmodo, the SQUID engineers made off with around $3.38 million (£2.48 million).
According to CoinMarketCap, the cryptocurrency is a:
“play-to-earn platform on the BSC chain inspired on the Korean blockbuster Netflix series.”
To play the game or restart if they fail, participants required SQUID tokens, and there were six games in all, with only those who survived each one being able to play the next.
On Squid Game, six games were played, and these were the six that were portrayed here. Participants who succeed in a round will get SQUID and non-fungible tokens (NFT).
A level 4 NFT and 15,000 SQUID entry fee were required to get to the final round of the ‘Squid Game.’
As the crypto whitepaper indicated,
“the last winner will get all the bonus in the pool”
All SQUID social media profiles, as well as the whitepaper’s website, have been taken down. currently, though.
Several crypto specialists have warned that SQUID may be a rip-off. Because customers who purchased SQUID couldn’t resell them, that’s the most apparent explanation.
Furthermore, the cryptocurrency’s website has several typos and grammatical problems.
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