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Squid Game cryptocurrency likely scam, Twitter accounts temporarily restricted By Investing.com

Nov 1, 2021



By Samuel Indyk

Investing.com – The cryptocurrency that gained reputation after being featured on many nationwide and worldwide information websites final week was seemingly a rip-off, with the worth of the cryptocurrency dropping to nearly $0 after buying and selling as excessive as $38.64 on Sunday.

The token, named after the favored Netflix (NASDAQ:) sequence however not affiliated to the present, had risen from its opening worth of $0.01229 to $38.64 (+300,000%) after launching final week however has since collapsed in what these within the business are referring to as a “rug pull”. CoinMarketCap defines a rug pull as a “malicious manoeuvre within the cryptocurrency business the place crypto builders abandon a venture and run away with traders’ funds”.

Twitter accounts restricted

The Twitter (NYSE:) accounts associated to the coin have been restricted by the social media platform. On the time of writing, the @GoGoSquidGame account has over 57,000 followers.

“Anti-dumping know-how”

The cryptocurrency’s whitepaper detailed “anti-dumping know-how” that prevented customers from promoting their cash until sure situations had been met. It meant customers weren’t in a position to promote their tokens earlier than the worth collapsed.

The cryptocurrency data web site, CoinMarketCap has issued a warning to customers on its web site, though it could be too little too late for some traders.

“We now have obtained a number of experiences that the web site and socials are now not purposeful & the customers aren’t in a position to promote this token in Pancakeswap,” CoinMarketCap wrote. “Please do your individual due diligence and train excessive warning. This venture, whereas clearly impressed by the Netflix present of the identical identify, isn’t affiliated with the official IP.”

The know-how web site Gizmodo estimates that the creators of the coin made off with $2.1 million from the seemingly rip-off.

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