The cost of the token from the Squid Game project fell by 99.99% in a matter of minutes - from $2860 to $0.005.
SQUID trading started last week. The starting price is one cent. In just 3 days, the token increased in price by 33,000%, reaching $3.37.
Over the weekend, reports began coming in that players were unable to cash out their earnings. The developers stated that their tokens were not intended for trading, but were needed for a “game” that would be launched later.
At the same time, the value of the token continued to grow. On Monday, its price jumped from $38 to more than $2,860. Within minutes, it plummeted to $0.00079. Presumably, the developers committed an exit scam and withdrew all the money from the protocol. Currently, 40,924 wallets contain 1 or more SQUIDs, and most of them have lost money as a result of this scam.
Squid Game is similar to a typical scam - with an anonymous development team, pumping up the price, and the disappearance of the team with the clients' money.
The crypto community initially suspected the project of fraud. CoinGecko refused to list the token, CoinMarketCap posted a warning about it, and Twitter suspended an account with over 70,000 followers. After the blocking, the Squid Game team tried to open new accounts, but with the same result. After this, the token fell.
Subscribe to ForkNews on Telegram to stay up to date with news from the world of cryptocurrencies
You May Also Like
The rate of the Ukrainian cryptocurrency Karbo increased by 63% in three days
As a result of yesterday's trading on KUNA, a massive influx of retail investors has already begun to increase the average daily volume and liquidity level of the coin.
FUD around Litecoin is growing: Charlie Lee has something to answer
The creator of Litecoin, Charlie Lee, believes that there is a concerted effort in the crypto space to suppress the price of LTC on the part of bearish traders and hedge funds who are trying to devalue the coin.
