thecoinrepublic.com
- After a tremendous increase, the price of a meme currency based on the dystopian TV program Squid Game appears to have rug-pulled, dropping the token’s worth straight to zero
- Investors claimed being unable to sell their tokens owing to innovative anti-dumping technology, which prevented them from trading or selling their tokens and profiting
- The game’s website, Twitter account, and other social media accounts have all been taken down
After a tremendous increase, the price of a meme currency based on the dystopian TV program Squid Game appears to have ‘rug-pulled,’ dropping the token’s worth straight to zero. The $SQUID token, which was used to purchase a round of a related game, is a ‘play-to-earn’ cryptocurrency, in which users purchase tokens in order to play a variety of games on the platform. Following the token’s introduction on October 27, a flurry of investors rushed in to play the game while also hoping to make a quick profit.
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Investors claimed being unable to sell their tokens owing to innovative anti-dumping technology, which prevented them from trading or selling their tokens and profiting. The value of $SQUID hit a high of $2856 before plummeting to zero. CoinMarketCap is the source of this information. Several repeated warnings on social media and in the crypto community appeared to warn investors away from the project because of the danger involved. Despite the warnings, investors continued to pour money into the initiative and put their money on the line in a risky gamble.
On CoinMarketCap’s token page for $SQUID, a note warned users that the currency might be a honeypot hoax. The colours on the charts then changed quickly, and the price dropped sharply after reaching a peak of approximately $2,850 – with the price crashing to zero after the game developers seemingly removed the liquidity and rug-pulled the project, much like the TV show’s Red Light, Green Light contest. According to wallet activity, the game’s developers walked away with about $2.5 million in untraceable BNB after cleaning the stolen cash with Tornado Cash, a service used to privatise and obscure transactions on the blockchain. The game’s website, Twitter account, and other social media accounts have all been taken down.