SQUID token lost 99% of its value in 5 minutes last night ($2,861 to $0.0007) as its creators scammed investors out of $2.5M.
This is how it happened...
This is how it happened...
$SQUID launched last Tuesday promising to use to the tokens to fund an online play to earn game based on the show.
Prices rose from $0.01 to $4.42 in 3 days.
Top media outlets covered it and more people aped in due to FOMO and false association with the show.
Prices rose from $0.01 to $4.42 in 3 days.
Top media outlets covered it and more people aped in due to FOMO and false association with the show.
People started to realize that they couldn't sell the token.
So they were forced to hold as prices surged to $2,861.
So they were forced to hold as prices surged to $2,861.
Five minutes after reaching $2,861, the prices dropped 99% to basically nothing.
The token's website and social media accounts all disappeared.
The token's website and social media accounts all disappeared.
A fake excuse on Telegram from the scammers:
"Squid Game Dev does not want to continue running the project as we are depressed from the scammers and is overwhelmed with stress... Squid Game will enter a new stage of community autonomy."
"Squid Game Dev does not want to continue running the project as we are depressed from the scammers and is overwhelmed with stress... Squid Game will enter a new stage of community autonomy."
This is why it's so important to provide basic web 3 education so people can make informed decisions instead of aping in to the latest hot token.
There will only be more scams like this in the future.
There will only be more scams like this in the future.
Working on a beginners guide to cryptocurrencies (and how to avoid scams). Follow me at @petergyang and subscribe here to read it soon creatoreconomy.so
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