The anonymous creators of the Squid cryptocurrency, named after the popular TV series Squid Game, have officially closed the project, embezzling $ 2.1 million. The fact that this is an obvious scam edition of Gizmodo announced on Friday. The main sign of this was the fact that investors could only buy cryptocurrency, but not sell it. Unfortunately, many people have lost money.
According to CoinMarketCap, the Squid cryptocurrency peaked at $ 2,861 per token, and then dropped to virtually zero ($ 0.003) today at 12:40 pm Moscow time. This type of fraud is that cryptocurrency creators quickly convert their assets into real money, depleting the liquidity pool on the exchange.
The Squid cryptocurrency was launched last week. Its unreliability was indicated by a number of factors, including a website three weeks ago, filled with text containing a lot of spelling and grammatical errors. The SquidGame.cash resource has disappeared, as have all cryptocurrency-related social media pages. Among other "alarm calls" was the fact that users could not leave messages in the Telegram channel and respond to messages from the Twitter account of the cryptocurrency. However, the main reason for concern was that no one who bought the cryptocurrency could sell it. And that hasn't stopped the leading news outlets from posting rave headlines about how the new coin has skyrocketed 83,000% in a matter of days.
This is not the first and, clearly, not the last example of how crooks use pop culture to attract the attention of the general public to their product. A similar situation happened earlier this year with the Mando cryptocurrency, which used images from the Disney series + The Mandalorian. Unfortunately, there are always those who swallow the bait of intruders.
The most important thing to look for when buying a new cryptocurrency is the ability to sell it. If it is impossible to sell coins, as was the case with Squid, what difference does it make how high their value is? A cryptocurrency costs exactly as much as someone is willing to pay for it. And if it cannot be sold, then you are being deceived.
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