Investors who bought SQUID, the cryptocurrency inspired by Netflix hit ‘Squid Game’ were thrilled as their money grew so quickly in just a matter of days. The SQUID token rose from $0.01 to a whopping $2,861 value mere days after it was released. But investors watched in horror as the cryptocurrency suddenly disappeared – along with their hard-earned cash. Ouch.
Squid Game Scam? Investors Got ‘Eliminated’
When makers of the ‘Squid Game’ cryptocurrency offered tokens for people who were willing to ‘play to earn’ so they can grow their cash by playing games similar to those done in the Netflix series, many quickly invested out of curiosity.
The tokens reportedly sold in just 1 second! That happened because the makers had announced that they were pre-selling the cryptocurrency and many jumped on the bandwagon, thanks to all the hype received by the Korean show.
Yet many financial analysts warned that the cryptocurrency could be a scam, pointing out many red flags. For example, legit company CoinGecko was mentioned as a partner, yet they denied any involvement in the new cryptocurrency brand.
There were also fake comments from Elon Musk, known for favoring cryptocurrency, at the height of SQUID’s phenomenal success.
“The more people join, the larger the reward pool will be,” the SQUID makers promised, referring to the cryptocurrency’s ‘play-to-earn’ platform.
Financial analysts warned that this has all the makings of a scam, despite the tokens skyrocketing in value over just a few days.
At one point, it even reached as high as $2,861 – and the investors were quite thrilled, of course. Imagine your $1 becoming $2,861 in a week even if you’re doing nothing.
But reports soon came in that no one could sell their tokens and cash out their gains through the PancakeSwap service, the only available venue for doing it.
Then, the value of the tokens plummeted in mere seconds – and the traders are nowhere to be found. They’ve completely disappeared with everyone’s money and no one even knows who they are.
Here’s a video of a streamer who watched his life savings evaporate in mere seconds:
What’s a Cryptocurrency?
A cryptocurrency is a form of money or currency that can be exchanged online for goods and services. They’re rarely accepted as cash in the ‘real world’ but can be used to buy or trade for goods and services online, depending on which companies or financial institutions accept the type of currency.
It all started with Bitcoin but there are many forms of cryptocurrencies nowadays. Still, you have to be careful in investing in any of them because like SQUID, your money could just disappear.