The popularity of the Netflix movie “Squid Game” led to a cryptocurrency that rose 75,000%. However, links to its website, social media, and other information are now dead. This suggests that it was a fraud.
- On Monday, all links to the whitepaper of the “Squid Game”, an inspired coin, and social media sites were removed.
- Although the token soared up to 75,000% last week, it has fallen to just a fraction of one cent.
- Insider was told by Bobby Ong, CoinGecko’s cofounder, that “the scam has ended its cycle.”
- Recent reports have been flooding in from buyers claiming they were unable to sell their squid tokens or cash out their gains at the PancakeSwap site.
In a user notice, CoinMarketCap stated that it had received numerous reports that social media and websites related to squid weren’t working. PancakeSwap trading is no longer possible, according to an insider. This was also reported by the crypto-data provider.
According to the whitepaper of the squid project, the token can be used to play for cryptocurrency. It is an easy-to-earn cryptocurrency that was inspired by South Korean streaming shows where contestants play games that could end in wealth or death.
According to CoinMarketCap data, the “Squid Game” token saw a huge price jump from $0.01 on Tuesday to $38 on Sunday. The price jumped to approximately $90 on Monday and then spiked to just over $2,861 before dropping to $0.003467 at 10:00 a.m. ET.
Insider was told by Bobby Ong, CoinGecko’s cofounder, that “the scam has ended its cycle” and that the price has dropped significantly.
Ong said, “Websites and social media accounts being removed is a very clear sign that it’s a scam.”
Many people were sharing their suspicions via Twitter about the coin being a fraud. There were several reasons they gave, including that nobody knew the founders, fake comments were made by Elon Musk in support of it, and CoinGecko was mentioned as a partner.
According to a BBC report, “The more people who join, the greater the reward pool will become,” the token’s issue paper stated. According to the report, the project stated that it would restrict people selling the token to prevent “anti-dumping”.
PancakeSwap and the “Squid Game”, token providers, could not be reached for comment.
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