Another Scam: SQUID Investors Can't Sell Their Tokens

  SQUID Investors Can't Sell Their Tokens

SQUID GAME NETFLIX SERIE

Sure, it's nice to have a 40,000% ROI, but many users who have invested in Squid Game Token are unable to cash out their profits, reporting it as a scam all over the internet.

This week, the SQUID token made headlines in various financial and cryptocurrency media around the world. However, it may not have been the miracle everyone hoped for.

After growing more than 110,000% in less than a week, reports of "investors" failing to sell their tokens after astronomical profits are starting to appear all over the Internet.

The token ranks # 2905 among the cryptocurrencies listed on Coinmarketcap, but the price aggregator itself has already posted a banner warning of the high risk of investing in the token, as it can block subsequent sales - something ubiquitous in several cryptocurrency scams.

We found several reports of users being unable to sell this token on Pancakeswap. Please do your due diligence and care when trading! This project, clearly inspired by the Netflix show of the same name, has absolutely no affiliation with copyright holders.

SQUID has only been around for a week. The token was inspired by Netflix's Squid Game, a show that features 456 financially broke participants who battle it out in childish but deadly games to win a juicy cash prize.

The project promises a kind of crypto adaptation for the game, requiring participants to participate in multiple games before leaving with a substantial cryptocurrency prize. To participate, each player had to pay about half a million dollars in commission and receive a significant jackpot in case he becomes the only winner.

But some people just invested in a token to speculate without entering the game, and apparently couldn't get their winnings. This tactic could have been some sort of anti-dump defense, but the game's somewhat poorly written whitepaper does not mention any kind of market control mechanism.

This is just a confirmation of a series of red flags for the project. It is important to note that the project's website promotes Elon Musk's tweets allegedly supporting the project, of course, this is a blatant lie: the billionaire is only interested in dogs.

In addition, the members of the development team have no known experience - and it is difficult to say if they actually exist or not. CEO David Canney does not appear to exist. At least it is not on linkedin, which is very strange for a foreign developer. There is also no other confirmation of its existence.

But despite all of the above, meme cryptocurrencies are a global trend. Many people are willing to buy tokens just to participate in some kind of global joke.

The trend started with Dogecoin, a meme cryptocurrency that made it to the top ten. The Shiba Inu also took a place on this prestigious list. Other tokens such as Safemoon, Cumrocket, Floki Inu also got their five minutes of fame.

And NFT collectors are keeping up with this trend. Stones, kittens and numbers on a black background have been sold for hundreds of thousands - and even millions of dollars.

So it comes as no surprise that many do not feel cheated holding worthless tokens from a popular TV show. While some are desperate because of the loss of money, others are happy to burn their fortune "for the sake of laughter."