The new crypto asset SQUID – a digital coin inspired by the infamous “Squid Game” series- revealed itself to be a complete hoax; a $3.38 million fraud. This was made clear when at the start of the month, the asset’s price fell to zero.
SQUID made the front pages when it was priced at $2 850 per coin, an incredible 75 000% increase in pricing. However, soon enough, the asset plunged to $0.002. According to CoinMarketCap it took minutes for the price to drastically fall.
Users started complaining that the $2 850 priced token could not be sold on PancakeSwap, the only (decentralized) exchange that liquidates SQUID.
CoinMarketCap issued an official warning, claiming that SQUID is rigged; a claim backed up by a ton of evidence. The warning proceeds to advise users to exercise due diligence, and finishes by asserting that even though AQUID is inspired by the Netflix show, it is not affiliated in any way with the IP.
The uncovered creators of the SQUID assets claimed the crypto coin to be both inspired and endorsed by the TV series, furthering their false assertions by dumping on users that SQUID has been upgraded with an ‘anti-dumping technology’, essentially preventing holders of the coin to sell against lowered demand.
The mystery minds behind the scam were not online during the run time of the scam, nor were the personal details on their social media true, prompting many to think that they do not even exist. At the time of writing this, the SQUID site is down.