As the Netflix hit TV show “Squid Game” became famous worldwide, someone created the crypto called $SQUID, which surged almost 310,000 percent in just a few days. Early investors were thrilled to become overnight millionaires with little investment, but that was short-lived and only on paper as it was extremely hard to sell because it was only available on Pancake swap. And now, the crypto went down to almost zero, making it one of the biggest crypto scams ever recorded.
The $SQUID token was released in late October 2021 and managed to get lots of people to invest in it. The project owners were successful in gathering many people because of how popular the show Squid Game is. Also, big media like CNBC promoted it indirectly without mentioning how risky it is to invest in such projects. Many people invested after reading this article. One of the Redditor wrote about investing in $SQUID after reading the article from CNBC.
The $SQUID Scam
Developers can pull off such big scams because of greed and lack of knowledge in the crypto space. Investing in such projects is extremely risky as the coin has no use case, and the team was less than transparent. Even Netflix threatened them for copying their show name without their permission. So it was inevitable, sooner or later, the token would have vanished. The only people who profited from this were the developers themselves, who scammed people for millions of dollars. This is not the first time developers have resorted to scamming, and unfortunately, it will not be the last.
Often, tokens are created on the popularity of certain things, such as shows, movies, or people. Most of these tokens are made with only a few hours of work, solely to scam people. The developers are unwilling to work on it later, so they collect money from investors and run away. By the time the scam is exposed, many people have already lost their hard-earned money.
This is not the first time such an enormous crypto scam has happened, and you can be confident that it will not be the last. Therefore, we recommend that everyone must DYOR before investing in anything to avoid such worthless coins. If you want to invest in cryptocurrency, it is better to invest in good coins available on the market for some time, or the team is highly transparent. That way, you will have less chance of getting scammed.
What do you think about this scam? Why do people fall for such easy-to-know scams? Did you invest your money in a $SQUID token? Or did you already know it was a scam?