Don’t get misled by the title! The popular Netflix show, Squid Game isn’t a scam. However, the meme coin inspired by the show is indeed a scam. Investors have lost more than $3 million by investing in it.
Since meme coins like Shiba inu, Dogecoin were already trending it gave a gateway to this coin to be in talks too. However, its developer mistakes were clear warnings about this crypto which people either missed or blindly ignored. In addition, CoinMarketCap had been warning investors from investing in it.
The scam was first in the limelight when the coin’s price slumped from $2,856.64 to ‘zero’ in few minutes on November 1, 2021. It came as a shock to investors who were expecting 10000 times returns from this coin.
Latest warnings against the scam
CoinMarketCap’s warning has a latest edition to it which states, “There is growing evidence that this project has rugged.” The BscScan website shows numerous transactions which indicate that the developers of the not so authentic ‘crypto’ have fled with the invested money. The website also mentions a warning that states, “This address is reported to have been involved in a rug pull of SQUID. Proceed with caution.”
Early warnings against the scam
The developers initially restricted investors from selling the tokens so they would eventually transfer all the invested amounts themselves. Not only that, the developers have deactivated their website (squidgame.cash where SQUID tokens were traded) and all social media handles. This further confirms that it was a scam.
Investors had ignored one of the most unusual things. Squid game coin’s Whitepaper had all sorts of spelling and grammatical errors. This was a clear sign that SQUID wasn’t authentic and was literally a scam.
Twitter had also flagged the meme coin account on Monday as ‘suspicious’ and restricted access to it. The step is now justified considering all the evidences garnered.
However, these tokens still have a market capitalization of over 10.7 million and has its price increased by almost 350% in last 24 hours.
The meme coin indeed is a ‘honeypot’ scam as indicated before by CoinMarketCap.