{"id":361398,"date":"2021-11-02T15:11:39","date_gmt":"2021-11-02T12:11:39","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/game-over-squid-game-inspired-crypto-scam-collapses-as-price-crashes-from-2-8k-to-zero\/"},"modified":"2021-11-02T15:11:39","modified_gmt":"2021-11-02T12:11:39","slug":"game-over-squid-game-inspired-crypto-scam-collapses-as-price-crashes-from-2-8k-to-zero","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/game-over-squid-game-inspired-crypto-scam-collapses-as-price-crashes-from-2-8k-to-zero\/","title":{"rendered":"# Game over! \u2018Squid Game\u2019-inspired crypto scam collapses as price crashes from $2.8K to zero"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3db7f495858\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3db7f495858\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/game-over-squid-game-inspired-crypto-scam-collapses-as-price-crashes-from-2-8k-to-zero\/#Red_flags\" >Red flags<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">Game<\/a> over! \u2018Squid Game\u2019-inspired crypto scam collapses as price crashes from $2.8K to zero <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>A cryptocurrency inspired by Netflix\u2019s internationally hit TV show <em>Squid Game<\/em> scammed investors in what <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be a\u00a0$3.38-million \u201crug pull\u201d\u00a0scheme.<\/p>\n<p>Dubbed SQUID, the cryptocurrency plunged to almost a fraction of a cent minutes after crossing over $2,850 at 09:35 UTC on Nov. 1. The deadly drop oed following a 75,000% bull run, showcasing a greater demand for SQUID among traders after its debut on Oct. 26.<\/p>\n<p>At the core of the retail craze lay the popularity of <em>Squid Game<\/em>.\u00a0The scammers <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/GoGoSquidGame\">promoted<\/a> SQUID as a play-to-earn cryptocurrency inspired by the South Korean TV fictional show in which people put their lives at risk to play a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of children\u2019s games for the opportunity to win 45.6 billion won (~$38.7 million).<\/p>\n<p>The marketing ploy helped push <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.independent.co.uk\/life-style\/gadgets-and-tech\/squid-game-cryptocurrency-price-growth-b1947642.html\">SQUID prices<\/a> from $0.01 on Oct. 26 to over $38 on Sunday. The cryptocurrency then jumped to $90 on Nov. 1, ushering in a massive pumping round that pushed its price further to over $2,850, only to crash all the way down to $0.002 minutes later.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/913402cc-62c4-4373-a1f5-57e9014821a2.png\"><figcaption style=\"text-align: center;\"><em>SQUID price pump and dump. Source: CoinMarketCap<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Red_flags\"><\/span>Red flags<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In the days leading up to the massive crash, traders had complained that they could not sell their SQUID holdings in the only available market, a decentralized exchange called PancakeSwap. In their defense, SQUID founders said they had deployed an innovative \u201canti-dumping <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>\u201d that limits people from selling their tokens against lower demand.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">A lot of my normie friends bought this <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24SQUID&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$SQUID<\/a> game token and couldn&#8217;t sell i (&#8220;anti-dump feature&#8221;)<\/p>\n<p>Now look what happened <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/wq5egYBKFa\">pic.twitter.com\/wq5egYBKFa<\/a><\/p>\n<p>\u2014 Friend of Peach (@WaymanCap) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WaymanCap\/status\/1455112472113950726?ref_src=twsrc%5Etfw\">November 1, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>\u201cThe more people join, the larger reward pool will be (sic),\u201d the Squid Game white paper read, adding:\u00a0<\/p>\n<blockquote><p>\u201cDevelopers will take 10% of the entry fee with the remaining 90% given to the winner.\u201d<\/p><\/blockquote>\n<p>Major <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> network CNBC also <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2021\/10\/28\/squid-game-cryptocurrency-up-nearly-2400percent-in-the-last-24-hours.html\">published<\/a> the Squid Game cryptocurrency founders\u2019 claims without omissions, insofar that it called SQUID the \u201cvery own brand\u201d of the Netflix show.<\/p>\n<p>The Squid Game cryptocurrency founders also said they were affiliated with the Netflix show as its official token partner. They also claimed that they had entered a strategic partnership with CoinGecko, a crypto data provider. However, in an interview with Cointelegraph, CoinGecko\u00a0co-founder Bobby Ong refuted the claims, saying:<\/p>\n<blockquote><p>\u201c[SQUID] did not meet our listing criteria, hence it will not be listed on CoinGecko. It\u2019s most likely a scam.\u201d<\/p><\/blockquote>\n<p>CoinMarketCap, a rival of CoinGecko, listed SQUID on its platform but warned visitors about the cryptocurrency\u2019s dubious nature in a notice that read:<\/p>\n<blockquote><p>\u201cThere is growing evidence that this project has rugged. Please do your own due diligence and exercise extreme caution. This project, while clearly inspired by the Netflix show of the same name, is NOT affiliated with the official IP.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">YouTube<\/a> channels hacked and rebranded for livestreaming crypto scams<\/em><\/strong><\/p>\n<p>Meanwhile, analysts also noted that the Squid Game token founders had no profiles on LinkedIn, with Twitterati\u00a0Crypto Tyrion ruling SQUID as a \u201c100% rug pull.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Closed Telegram group: \u274c\u274c\u274c\u274c<br \/>Closed discord: \u274c\u274c\u274c\u274c<br \/>Blocked Tweets comments: \u274c\u274c\u274c\u274c<br \/>No founder Linkedin: \u274c\u274c\u274c\u274c<br \/>CNBC article to pump: \u274c\u274c\u274c\u274c<\/p>\n<p>CONFIRMED SCAM<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/IncomeSharks?ref_src=twsrc%5Etfw\">@IncomeSharks<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jaynemesis?ref_src=twsrc%5Etfw\">@jaynemesis<\/a><\/p>\n<p>\u2014 Crypto Tyrion (@Cryptotyrion) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Cryptotyrion\/status\/1454051026470834181?ref_src=twsrc%5Etfw\">October 29, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>It now appears like a \u201cgame over\u201d scenario for the SQUID bag holders.\u00a0<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/game-over-squid-game-inspired-crypto-scam-collapses-as-price-crashes-from-2-8k-to-zero\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Game over! \u2018Squid Game\u2019-inspired crypto scam collapses as price crashes from $2.8K to zero &#8221; A cryptocurrency inspired by Netflix\u2019s internationally hit TV show Squid Game scammed investors in what appears to be a\u00a0$3.38-million \u201crug pull\u201d\u00a0scheme. Dubbed SQUID, the cryptocurrency plunged to almost a fraction of a cent minutes after crossing over $2,850 at&#8230;<\/p>\n","protected":false},"author":1,"featured_media":361399,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvNTRkODVjN2EtZDk2Yy00Zjg4LWJkMTctZGZiOGZhOGRjZGMyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,75023,74932,74863,76978,74939,75150,91283,90258,6854,71739,70944,73711,73785,71101],"class_list":["post-361398","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-bitcoin-scams","tag-crimes","tag-cryptocurrencies","tag-cybercrime","tag-market-analysis","tag-market-update","tag-pump-and-dump","tag-white-paper","tag-bbc","tag-cnbc","tag-hackers","tag-investments","tag-markets","tag-scams"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/361398","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=361398"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/361398\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/361399"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=361398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=361398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=361398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}