There is no denying the fact that ‘Squid Game’ is an expression of epic proportions. It was one of the most watched shows on Netflix ever, but sadly, a crypto token by the same name (with no relation to the show’s makers) created another record – for the wrong reasons.
After rising by 3,000 percent in three days, the crypto token crashed to zero after the token developers did the rug pull. This is now seen as one of the major scams in the crypto world.
The CoinMarketCap website says a ‘We have received multiple reports that the website and socials are no longer functional and users are not able to sell this token. There is growing evidence that the project is rugged. Please do your own due diligence and exercise extreme caution.’
Epic fall
According to CoinMarketCap’s Molly Jane Zuckerman, it was a ‘rug pull’ wherein the token developers leave the market taking their investors’ funds with them.
When the crash happened, over 40,000 people held the tokens according to BScSCan, a blockchain analytics platform.
Charlie Bilello, Founder and CEO of Compound Capital Advisors, in a November 2 tweet, chronicled the rise and fall story of the infamous token.
He wrote that the Squid Game crypto rose from $38.19 at 1.35 am to $434.70 at 4:35 am to $2,856.64 at 5.35 am, before crashing to $0.0007926 at 5.40 am. So, practically, it fell from $2,856 to…
