It took 6 months to write the first two episodes of the Netflix series Squid Game. It took a bit more than 6 days to complete the full cycle of the similarly brutal crypto scam inspired by the hit TV show.
On the 26th of October, a SQUID token was launched with a promise to serve a pass to the online game with a cash prize. The initial price of the altcoin was $0.01. It had started growing and in only a few days, when the price increased up to nearly $5, major news media such as Business Insider, BBC, and CNBC brought the coin into the spotlight of public attention.
Despite the numerous warning signs such as mistakes in the white paper, the absence of information about the token creators, and fake claims of a partnership with CoinGecko, SQUID tokens kept soaring to greater heights over the weekend. November 1st at 6 AM the cryptocurrency price has hit $38 and in only 3.5 hours the live charts spiked to $2,861.80 per coin.
The crypto squid game players couldn’t do anything but helplessly watch the price to fell down to $0.0007926 during in the next 5 minutes. They couldn’t sell coins because of the built-in anti-dumping mechanism of the cryptocurrency.
The manipulation of this type on the crypto market is called a ‘rug pull’. Token creators manipulate the price and end up withdrawing all the liquidity from the market. Typically the price of the coin gets very close to zero after the scam is finished.
Source: fool.com
Risk Warning: The information in this article is presented for general information and shall be treated as a marketing communication only. This analysis is not a recommendation to sell or buy any instrument. Investing in financial instruments involves a high degree of risk and may not be suitable for all investors. Trading in financial instruments can result in both an increase and a decrease in capital. Please refer to our Risk Disclosure available on our web site for further information.
