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| Cryptocurrency Squid Game Collapses In A Scam |
Less than two weeks after investors started buying the tokens, cryptocurrencies inspired by the popular Korean drama have entered the Netflix game Squid.
After spiking in value over 310,000%, the Squid game lost all its value after Twitter reported it and temporarily restricted the cryptocurrency account due to suspicious activity.
Its creator made $3.38 million after the crash. Just before the crash, its value had risen to $2,856. The currency pages, social accounts, and technical documents describing them are gone.
The token for purchase was launched on October 20 with the idea of using cryptocurrency as a paid token for online games.
The game is inspired by Squid, a popular series in which debtors play a deadly version of a children's game to earn money.
The game based on the popular series will be released in November. The organizers announced that the winner will receive more squid tokens. But despite the cryptocurrency’s surge last week, there are still many people who believe that the token may be fraudulent.
It is also difficult for investors to sell tokens. The crypto whitepaper is riddled with grammatical errors, and the website from three weeks ago is riddled with spelling and grammatical errors.
Its creators have made up to $3.38 million
Cryptocurrency price tracking website CoinMarketCap is warning potential buyers before the potential fraudulent nature of cryptocurrency collapses.
He told investors: Please take responsibility and act with caution. He also warned them that investors would have trouble selling their tokens.
Experts also remind investors to be careful when considering buying exotic cryptocurrencies based on cultural phenomena. This is true even if the coin is doing well in the market.
Many of these coins are quick to capture investors' imaginations, said Cornell University economist Eswar Prasad (Eswar Prasad). This has resulted in a significant increase in value. Innocent retail investors involved in this speculative frenzy are risking huge losses.