The SQUID game 'Cryptocurrency', which came into the limelight last week due to its 300 percent jump, is now in the news for all the wrong reasons. The coin, which was discussed as a brand new crypto coin, has now turned out to be a scam. The developers of this crypto coin based on Netflix's South Korean drama series 'Squid Game' have stunned investors. Recently, the price of this new coin fell by 99.99 percent in just a short time. In the crypto market, this scam is known as the classic 'rug pull'. In such scams scammers leave their project and run away and take away investors' money. The price of this coin was $2,800 before falling, but its value had come down to 0.
Squid Game Cryptocurrency Price
Just on Wednesday at 2.22 pm coinmarketcap.com its price was running around $0.01345 dollars. According to a report by Gizmodo, in this fraud scammers have blown about $3.3 million, or about Rs22 crore, through this project.
Squid Game Cryptocurrency Buy
It was known that some gamers have created an online play to earn game on the lines of Squid Game and to play this game you must have Squid Game Cryptocurrency. There were also games in this online version on the same lines as the series. To earn more tokens, gamers had to buy more tokens to play in the game.
This cryptocurrency was not listed on any major crypto exchange. Right now this launch also took place on 12 October i.e. in less than a month. It could also be bought from only one place - from the Pancakeswap platform. However, there were reports that investors were able to put their money on this platform, but were not able to withdraw their tokens, while on this currency site it was written that these tokens were being exchanged with other cryptocurrencies or fiat money. Money i.e. can be exchanged in currency like rupee, dollar.
CoinMarketCap has also issued a warning about this that investors should be careful while trading. The agency had said that there have been several reports that users were unable to sell their tokens on the popular decentralized exchange Pancakeswap.
A banner flashed on CoinMarketCap said, 'We have received many reports that SQUID's website and social media channels are not working and users are unable to sell these tokens on Pancakeswap. Please invest at your discretion. It is clear that this project is inspired by the show of Netflix, but it is not officially associated with it in any way.
Who was behind this project, who has blown investors' money, it is not yet known.
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