Who hasn’t heard of the tv series Squid Game these days? Unfortunately, some scammers decided to capitalize on its popularity – the new crypto asset SQUID, named, as you can imagine, after the tv show, turned out to be a total hoax, as well as a 3.38 million USD fraud. That was revealed when its price dropped to zero earlier this month.
SQUID, coasting on the tv show’s popularity, was priced at 2.850 USD per coin, which was a shocking 75,000% increase in pricing. Soon after that, however, its price crashed to 0.002 USD. Said crash apparently occurred over the course of just a few minutes.
Users started complaining that they could not sell it on PancakeSwap, which was the only (decentralized) exchange that liquidates SQUID.
Soon after that there was a warning that the coin was rigged, and there was evidence of that as well.
The creators of the coin falsely claimed that it was both inspired by and endorsed by the IP (which it was not), and also falsely claimed that SQUID has been upgraded with an ‘anti-dumping technology’, essentially preventing holders of the coin to sell against lowered demand.
While the scam was happening said creators were not online, their social media presence was false and now the SQUID site is gone.
People are so eager to invest in meme cryptoes that they'd believe even the most obvious of lies.