It seems that in the end it was a scam, now that SQUID token has left the game.
SQUID, a cryptocurrency based on the popular Netflix series “Squid Game“, plummeted in price after the project’s official website disappeared.
According to data from Coinmarketcap , the SQUID token has dropped almost 100% in the last 24 hours after hitting a high of $2,856 this morning. The cryptocurrency, which was launched on October 20, grew meteorically increasing more than 86,000% in a matter of a week. All in the midst of the historic success of the South Korean series on the Netflix streaming platform.
However, on Monday, the unofficial “Squid Game” token quickly erased all accumulated winnings after several signs of scam. The price drop below USD $1 comes after the project’s official website went offline. It also coincided with a Twitter alert, which marked the Squid Game token accounts as suspicious.
At press time, SQUID is trading at $0.002807, with a trade volume of $14 million, according to data from Coinmarketcap.
SQUID project rolls the rug
The price crash came after Twitter flagged accounts allegedly associated with the SQUID token as suspicious, including the original account with more than 70,000 followers. After this account was restricted, the Squid Game token developers attempted to run other accounts, which were subsequently closed as well.
It also coincided with what appears to be the closure of the project’s official website. The official page, which was hosted on SquidGame.cash, disappeared as did the presence of the SQUID team on social media. U na archived version of the official website can be seen by visiting here.
The token’s price drop also emerged shortly after the cryptocurrency project’s developer team left a curious message on their official Telegram channel suggesting that they have jumped ship.
Someone is trying to hack our project these days. Not only the @GoSquidGame Twitter account but also our smart contract. We are trying to protect it but the cost is still abnormal. Squid Game Dev does not want to keep running the project as we are depressed by scammers and overwhelmed by stress. We have to remove all restrictions and transaction rules from Squid Game. Squid Game will enter a new stage of community autonomy.
Sorry again for any inconvenience that has been done to you. If any stranger starts coming out of it, ignore it. Thanks.
So far, everything seems to indicate that the Squid Game cryptocurrency project has executed what is commonly known as a “rug pull”. A ” Rug Pull” is a malicious maneuver in the cryptocurrency industry where cryptocurrency developers abandon a project and run away with investor funds.
Building on the success of “Squid Game”
As Cryptoreportage reported on Friday, several reports already warned that the project inspired by the popular South Korean series could be a scam. Among the red alerts, one of the first calls for attention was the inability of SQUID investors to sell or exchange their currencies.
Coinmarketcap, the leading cryptocurrency tracking website that listed the token last week, had posted a warning to this effect. The project’s white paper also mentioned an alleged “anti-dumping technology” that would prevent SQUID holders from liquidating their coins unless they met certain conditions.
Other suspicious elements of the project that caught the attention of the community were the language of the technical document, written with bad spelling, the identities without a trace of the supposed team of developers mentioned on the website, and some deceptive alliances that the project claimed to have with reputable companies like Netflix, OpenSea and Coingecko.
Analyzes from some scam tracking portals also indicated that Squid Game’s crypto project was not trusted.
However, it appears that multiple warnings from community experts did not prevent the token’s staggering price rally. On Friday, the SQUID coin reached a maximum price of USD $15 to continue rising over the weekend and register a meteoric increase this Monday morning, managing to exceed USD $2,000 per token.
Meanwhile, others are also trying to capitalize on the worldwide fame of the Netflix series. According to data from Coinmarketcap, there are at least five other cryptocurrency projects inspired by “Squid Game” - none official - one of the tokens even registers a price above a million dollars. This will certainly not be the end of the scams related to the popular South Korean show.