Squid Game Crypto Scam Amount?? Cryptocurrency Is A Scam?
On November 1, 2021, a cryptocurrency named Squid Game, inspired by a popular South Korean Netflix series, became the most hyped digital token when its valuation shot up to $2,861 per coin. People started investing in this shit like crazy, and unfortunately, they all scammed. A scam worth more than $3.3 million.
Investors in cryptocurrencies frequently refer to this scam as a "rug pull." This occurs when the promoter of a digital token attracts buyers, then abruptly halts trading activity and runs off with the money raised from the auctions. According to the famous website named Gizmodo, it’s confirmed that the creators of Squid have managed to steal an estimated $3.38 million.
Although, cryptocurrency industry professionals cautioned about several telltale signs that strongly suggested it was a scam. "An unwarranted veneer of respectability was provided due to the media coverage failing to point out that there was no official tie-in with the Netflix series." This is just the most recent instance of scam artists capitalizing on popular culture to attract the media's attention. An incident very similar to this one occurred earlier in 2021 with Mando.
This Cryptocurrency used images from Disney+'s The Mandalorian TV show without first obtaining permission from Disney. In addition, the creator of SushiSwap, a highly publicized token, vanished in September 2020 with $13 million, which investors feared was a "rug pull." This is another recent example that stands out among the many. After a public outcry, the coins were eventually given back by the creator of SushiSwap, but they suddenly vanished leaving everything behind.
⏰ Timestamps ⏰
00:00 What is a Squid Game crypto Scam?
03:29 Genesis.
04:04 Fly by night operations.
04:29 Not the first time
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Disclaimer: It is important to note that I am not a financial advisor. The information provided in this video is purely for entertainment and educational purposes, it's not investment or trading advice. Therefore, do your due diligence, educate yourself and make sure you understand what you are doing before making any Crypto-related investments.
