Squid Game Coin Goes to Zero: What Happened?
‘Are you not entertained’?
Squidgame, a new, and now dead crypto project that completely ripped off the mega-viral Netflix show ‘Squid Game’ has been rug pulled and gone to zero. Headlines about the insane rise of this coin were plastered all over the news– the hype was building, is this the next Axie infinity? The coin rose 90,000% within a couple of days of being listed on Pancakeswap. As you can see below, the coin went down 99.99% in under 5 minutes.
Most knew that this outcome was inevitable, anything listed on Pancakeswap only that goes up 90,000% in 72 hours is all the data you need to know it is 100% a rug pull–there is obviously no real liquidity there. Coingecko refused to list the coin, citing that it didn’t meet their criteria, stating: “This token did not meet our listing criteria hence it will not be listed on CoinGecko. It’s most likely a scam.” That was a responsible decision from Coingecko, unlike Coinmarketcap, who listed the coin. Coingecko was correct, it was a complete scam.
Once again, industry vets were not surprised. Avalanche founder Emin Gun Sirer took to Twitter, he makes it clear how obvious it was that this was a scam. More than enough red flags existed, including misspellings in the whitepaper, no Linkedin profiles for the team, and oh, buyers couldn’t actually sell their coins.
99.99% drop on the squid game token. I mean, what did you guys expect? There's nothing behind this coin except it stole its name from a popular show. pic.twitter.com/0KmWRVPhN5
— Emin Gün Sirer?? (@el33th4xor) November 1, 2021
This morning, it all came to a head as the devs rugged holders and dumped all their tokens, getting away with $12 million. 70 million tokens were instantly dumped on the market in under 5 minutes early this morning, causing the total collapse. The project claimed to have ties to the hit show but did not in reality. The project said they had an “anti-dump mechanism”, another sure sign of a scam.
According to researchers from The Block who looked into this project, “there was a lock-up function in the smart contract that was designed to prevent sales. This meant that when money flowed into the market on the decentralized exchange PancakeSwap, it was locked up.” Because there was no selling pressure, the token skyrocketed, and the mainstream press covering it had a lot to do with it.
The scammers had most of the tokens in one wallet, and if you click on this link, you can see they are using tornado cash to obscure themselves and withdraw. What is so crazy about this rug pull, because it happened in one instant, is that it was actually live-streamed by a popular streamer for the world to see.
Did you hear about the Squid Game Token that was released recently? It rose by more than 60,000% in less than a week.
It was a classic 'Rug Pull' scam, and the moment was captured live by @imBagsy.
?? Be careful out there and make sure you do your research before investing ?? https://t.co/FuDGho3MwV
— Trust – Crypto Wallet (@TrustWallet) November 1, 2021
No one can argue that crypto is not the Wild, Wild West as Gensler famously said. It absolutely is. A lot of people would say that it’s this very fact that allows for the ability to obtain life-changing wealth. Volatility, which stems from the market being basically this wild laissez-faire free-for-all is the price of admission. The gains we can get are due in large part to this. Also, are you not entertained?
Just watch the above video. This space in 2021, with the memes abound, is just truly an outright crazy space to be in. It’s fun and enriching because we share a similar culture; one that probes and prods the corrupt establishment that continually debases our wealth and sovereignty. We are an internet army, and our reach is vast. Squid game coin is just an example of some of the unintended consequences that exist in this space; it is a trade-off.
But the crypto culture teaches self-sovereignty and doing your own research. Most would argue it is your own fault if you got scammed by the Squid Game. We should never trust but always verify. The downside is that regulators will use this as an example of why crypto is bad. However, maybe this will be the lesson that people need: mainly that buying Squid is just like holding cash–either way, you’re giving your wealth away to scammers. One is just a government scam, the other, not.
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Text source: CryptosRus
