Cryptocurrency

10 things to know about rise, crash of ‘Squid Game’-inspired cryptocurrency

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Squid token got here, it noticed and it vanished with hundreds of thousands of {dollars}. The token’s builders vanished with over $3.3 million price of Binance Coin, shut down the web site, had their Twitter account suspended and advised the neighborhood on Telegram that they’re not engaged on the venture.

Beneath are 10 issues to know concerning the Squid Recreation-inspired cryptocurrency which has now crashed:

Ø Squid was a token that was primarily based on the massively widespread namesake Netflix collection. Nevertheless, it wasn’t affiliated with the present or Netflix in any means. Its builders claimed to be engaged on a web-based play-to-earn recreation primarily based on the TV present.

Ø Launched late final month, the brand new cryptocurrency skyrocketed in worth as traders rushed to purchase tokens hyped by promotions on a number of social media platforms.

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Ø Between Oct. 26 and Monday, the worth of a Squid coin rose by greater than 23 million p.c, from a bit of greater than a mere cent to $2,861.80. Its worth ultimately collapsed similar day to successfully zero as cryptocurrency merchants watched the token’s unknown creators clear out some $3.3 million in funds, based on digital data.

Ø As traders weren’t in a position to promote their holdings, Squid stored rising in value and market capitalisation to a degree of reaching a $2,861.80 excessive earlier than the rip-off got here to an ending.

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Ø Nevertheless, regardless of the unprecedented rise, its cracks and crimson flags have been plain for all to see. From no member of its workforce having any on-line presence, to holders being unable to promote, swap, or stake the digital asset as soon as they purchased it to a slew of spelling errors on its whitepaper.

Ø Many cryptocurrency observers had sounded the alarm about Squid even earlier than the “rug pull,” citing above talked about warning alerts.

Ø An information supplier had urged potential merchants to take “excessive warning” after Squid consumers advised the platform that their cash couldn’t be offered.

Ø The venture’s Twitter account has since been restricted by the social community due to “uncommon exercise” amassed greater than 57,000 followers, and its Telegram channel had greater than 71,000 subscribers.

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Ø “Squid Recreation Dev doesn’t wish to proceed working the venture,” the builders wrote on their Telegram channel Monday, saying they have been “depressed” by scammers and “overwhelmed with stress.”

Ø The final message on Squid’s Telegram channel, posted shortly after funds have been drained from traders, tried to divert blame elsewhere and was strewn with grammatical errors. It learn: “Sorry once more for any inconvenience been made for you,” the message learn. “If any unusual begins popping out of it, ignore it. Thanks!”

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