It’s almost like everybody misunderstood the assignment. Netflix’s new Korean-language series, Squid Game is a worldwide hit. Squid Game has become the streaming platform’s most-watched original, breaking the record of Bridgerton. Squid Game is a South Korean series in which, 456 people crushed with crippling debt are approached by a mysterious salesman, who offers them a chance to participate in a game whose winning prize is 45.6 billion South Korean Won. The show stars an ensemble cast of Lee Jung-Jae, Park Hae-soo, Jung Ho-Yeon, O Yeong-Su, Anupam Tripathi, Gong Yoo Wi Ha-Joon among others. As the popularity of the show skyrocketed, the cryptocurrency market also wants a place in the game. A new cryptocurrency token on the blockchain, called ‘Squid Token’ was created. According to the website, this is the “first Game Token on the Binance Smart Chain Network. Squid Token is inspired by the famous Netflix Series “Squid Game"." Sicne its inception, the cryptocurrency jumped in value and on October 29, surged by 2,400 per cent in last 24 hours to reach the value of $4.32 - and for the next few days, it kept surging. Until, 1st November. Early on Monday morning, a Twitter user pointed out that the developers of the Squid Game project had “rug pulled” SQUID holders. A rug pull in crypto occurs when the creators of a project take off with investor’ funds. Data from CoinMarketCap shows that prices for SQUID, were down nearly 99.99% to $0.002541 in the past 24 hours. Its trading volume has increased more than 130% over the same time period, indicating huge selling. Its current value at the time of writing this (8:47 AM IST +5:30 GMT) $0.003179.
According to Coindesk, the project claimed in its official Telegram channel that its developers do not want to continue running the project due to the stress of dealing with scammers. “Someone is trying to hack our project these days. Not only the twitter account @GoGoSquidGame but also our smart contract. We are trying to protect it but the price is still abnormal. Squid Game Dev does not want to continue running the project as we are depressed from the scammers and is overwhelmed with stress. We have to remove all the restrictions and the transaction rules of Squid Game. Squid Game will enter a new stage of community autonomy,” it wrote. But was this apparent ‘scam’ something we should have all seen coming?
In a description of how the ‘Game’ worked, it had explained “you have to do is participate in the presale, the top 10 presale holders (based on amount of holdings) will be given VIP entrance to our game application. The Squid Token application will have a price pool, the price pool will be 2% of the amount raised on the presale and 10 of you will be able to participate in the games in the application and 3 of you will split the price pool. All you have to do is play and survive," read the description on the website. It also follows the same format of games in the actual series, explaining that after “the presale is over, the top 10 holders will be moving on to our application where they will be playing 3 games, each of those games will be giving points to the top 3 positions and after the 3 games the 3 holders with the most amount of points will be splitting the prize pool. The games will be anonymous until you reach the point of playing but will be well-known games to everyone and you will have a short description of each game before starting."
CoinMarketCap has also warned potential buyers before the crash of the cryptocurrency’s possibly fraudulent nature, telling investors to “please do your own due diligence and exercise caution while trading” and warning them that investors were having trouble selling their tokens. After the crash, they have issued a cautionary message in red on the top header, that reads, “We have received multiple reports that the website and socials are no longer functional & the users are not able to sell this token in Pancakeswap. Please do your own due diligence and exercise extreme caution. This project, while clearly inspired by the Netflix show of the same name, is not affiliated with the official IP."
According to Gizmodo, the creators of the cryptocurrency could have made off with as much as $2.1m after the token’s crash. In an October 29 piece, Gizmodo had actually explicitly written an article headlined, “New Squid Game Cryptocurrency Launches as Obvious Scam," explaining how, “You can put real money into the cryptocurrency, but there’s no evidence you can ever take it out. That’s simply known as theft."
When News18 had reported on the cryptocurrency, it had mentioned that the current listing on CoinMarketCap had no data on change in 24-hour listing, or on the market cap.
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Squid Game Token Crashes in Obvious Scam Everyone Saw Coming - News18
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