Queen Bitch 10,513 Posted November 3, 2021 Share Posted November 3, 2021 A digital token inspired by the popular South Korean Netflix series Squid Game has lost almost all of its value as it was revealed to be an apparent scam. Squid, which marketed itself as a "play-to-earn cryptocurrency", had seen its price soar in recent days - surging by thousands of per cent. However, as the BBC reported, it was criticised for not allowing people to resell their tokens. This kind of scam is commonly called a "rug pull" by crypto investors. This happens when the promoter of a digital token draws in buyers, stops trading activity and makes off with the money raised from sales. Squid's developers have made off with an estimated $3.38m (£2.48m), according to technology website Gizmodo. Last Tuesday, Squid was trading at just 1 cent. In less than a week its price had jumped to over $2,856. Its value has now plummeted by 99.99%, said cryptocurrency data website CoinMarketCap. Squid was billed as a token that could be used for a new online game inspired by the Netflix series - which tells the story of a group of people forced to play deadly children's games for money. The game was due to go live this month. However, cryptocurrency experts had warned of several tell-tale signs that it was likely to be a scam. Most telling was that people who bought Squid tokens were unable to sell them. Critics also highlighted that its website contained many spelling mistakes and grammatical errors. The website is no longer online and social media accounts promoting the tokens have also vanished. https://www.bbc.com/news/business-59129466 I don't understand how people can fall for these obvious scam coins Link to post Share on other sites More sharing options...
Lucas 31,135 Posted November 3, 2021 Share Posted November 3, 2021 Hope the guy who did that is going to jail... Link to post Share on other sites More sharing options...
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