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‘Squid Game’ Token Trading Near Zero

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Added 2 years ago by admin

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The ‘Squid Game’ cryptocurrency token named after the popular South Korean Netflix ($NFLX@US) series hit a high of just over $2,860 Monday before plummeting to nearly 0. The SQUID coin bills itself as a ‘play-to-earn’ token and transaction records from BscScan show the token’s anonymous creators collected at least $3.4 million in investor funds. The crypto ecosystem is full of schemes where token founders abruptly abandon projects and take investor funds with them by swapping the project coin for cash. One Shanghai investor, identified only as Bernard, lost his entire life savings of $28,000 when he invested in SQUID. Squid developers announced they do not want to continue running the project via their Telegram channel Monday, which now has more than 89,000 members. The token’s white paper and website have since disappeared, but archived copies of its official landing page and white paper are still online. Twitter ($TWTR@US) has temporarily restricted its account due to suspicious activity.

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