SQUID, the cryptocurrency that was inspired by Netflix’s hit TV show ‘Squid Game,’ turned out to be part a $3.38 million fraud scheme. Its value dropped to zero at the beginning of the month. The token was the talk of the town last week as it soared by 75,000% to $2,850.
According to data from CoinMarketCap, the crypto plummeted to the $0.002 level within minutes.
Promoters of SQUID claimed the play-to earn token was inspired by and even endorsed South Korean TV shows. They also stated that the coin had an “anti-dumping technology” that prevents holders from selling SQUIDs in the event of lower demand. Users complained when the price reached $2,850 that they couldn’t sell their tokens on PancakeSwap. PancakeSwap is a decentralized exchange where SQUID can be liquidated.
“The larger the reward pool, the more people will join,” it said. According to its whitepaper, developers will receive 10% of the entry fee and the rest 90% will be given to the winner. However, there were red flags raised when the website revealed that Netflix was among its partners along with Microsoft and Coingecko. However, all of this was false.
CoinMarketCap Statement about SQUID
CoinMarketCap made the following statement to SQUID’s token web page after suspicions of an alleged fraud: “There are growing signs that this project may be rigged. Do your research and be cautious. While this project is clearly inspired by the Netflix series of the same title, it is not affiliated with the official IP.
SQUID’s official site is currently offline and its official Twitter account is ‘temporarily limited’ as of press time