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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.
Last Tuesday, Squid was trading at just 1 cent. Its value has now plummeted by 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. The developers required the token holders to buy another cryptocurrency, 'Marbles', before selling the tokens. Marbles could be earned by taking part in an online game inspired by the show.
Players were asked to pay an entry fee of Squid Game tokens to participate in the game. Also, the white paper required the buyers to be in the ratio of against sellers before a sale could materialise in an 'anti-dumping mechanism.
Other red flags included the fact that SQUID's Telegram channel , set up by the unknown scammers, didn't allow comments from outsiders.
The Twitter account made it impossible for anyone to reply to posts. It is very important for investors to research new token projects before investing. There were several red flags for Squid token, including the numerous spelling and grammatical errors in the project's whitepaper and the website only being registered one month ago.
Another red flag was that the token is related to a famous game based on a Netflix show. It was quite intriguing and strange that the crypto developers had no relationship to the show's makers, no official partnership announcements by the OTT platform, which is highly unlikely. The next time you invest in crypto, the most important thing to look out for isn't necessarily the price. First, figure out whether you can sell the coin after you buy it.
If you can't sellï¿½like the people who invested in SQUID discovered they can'tï¿½it doesn't matter how high the price goes, just as it doesn't matter how large of a number unless someone writes on Monopoly bills. And if the rules say you can't even sell, you've just been scammed. We are an independent and public-spirited digital media platform for Indian millennials.
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