Squid Game Crypto was another Rug pull Scam(To no surprise)
SQUID coin, named after the popular Netflix series, Squid Game, pulls at least $3.4 million from investor funds when the devs pull out. The cryptocurrency peaked at $2,860 before plummeting to near zero. Between advertising itself as a ‘play-to-earn’ and its white paper which plainly alluded to the coin being a scam in its entirety, investors still fell for the bait much like the cash-strapped adults from the show the coin was named after.
Some investors reportedly even invest their life savings into the coin, of at least $20,000 or more. When the value suddenly plummeted to effectively zero, the developers posted on their Telegram channel that “Squid Game Dev does not want to continue running the project as we are depressed from the scammers and is overwhelmed with stress.”, in other words, running off with the investor funds before there was any chance of being reprimanded. While one could easily pin the blame on the investors for being too trigger-happy to put all their eggs in one paper basket, some media outlets can be argued to be at fault for this incident as well. Several media outlets which gave attention to the meme coin were seen as implicitly endorsing the coin, which increases the likelihood of investors who fear missing out would invest in this less than reputable coin.
That said, there are ways to tell whether certain crypto coins are more reliable than others. While several coins can explode in value abruptly, there are still signs that would elude to whether their sudden increase in value is natural rather than predetermined. All coins suffer a dip in value no matter what, it’s all but impossible that a coin never actually loses value and only increases, in the worst case, only staying at the same value previously. A coin that goes up in value consistently without a single dip over a span of a few days, usually means the investors are deliberately altering the coin’s value. Additionally, when a token’s developers have zero reputable sources or background information, it’s also a big red flag that the coin is a scam, and this is on top of the fact that the coin’s website and white paper were less than professional, riddled with grammatical and spelling errors whilst not even attempting to hide the idea that the coin would be ripping people out of their money.
In summary, whether you do crypto or not, it’s always best to put proper research into what you’re investing into. Being ever so desperate to put everything into a suspicious coin will most likely have the rug pulled from under your feet.