Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: mlawson71 on November 12, 2021, 03:24:51 PM
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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.
Source (https://theforexreview.com/2021/11/03/squid-coin-revealed-as-fraud/)
That's why I tend to avoid meme currencies, one never knows which one would be the next Dogecoin or the next Squid coin.
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Cryptocurrency scams are common. Cryptocurrency seems to create ideal conditions for fraudsters to work. Almost complete anonymity, the ability to work on the Internet from anywhere in the world, where no law enforcement agencies can reach, the concentration of millions of dollars in cryptocurrency, all this attracts scammers. And the cryptocurrency itself is still in a significant part of the states in the "gray" zone due to the lack of regulation.
Therefore, it is worth recognizing that cryptocurrency has an increased level of risk, and especially their new projects.
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I compared these meme coins with a roller-coaster...there is always that unstoppable excitement and then it stopped. And it because the people behind the project are nothing but scammers who are just in for the money, nothing else so when they determine that they have already enough on their coffers they suddenly made the exit dance. Unfortunately, this is not the first nor the last of such a bad story.
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I also saw so many advertisements related to squid coins but i know how this type of scams works. So i didn't waste my time and money on those scams.