The Scam Squid Game cryptocurrency SQUID has dropped to zero as the anonymous devs rug pull.
Just like that, the price of SQUID, a cryptocurrency that stole its name from the popular Squid Game series on Netflix, has gone to zero.
Yet another Binance Smart Chain based project to scam investors before exit scamming via a rug pull.
Let’s take a look at what happened to cause SQUID to go to zero and ask whether the same thing could happen to SHIB.
Spoiler alert: It will.
What happened to the Squid Game crypto (SQUID)?
A week ago an anonymous team of devs, who were completely unaffiliated to Netflix, launched the SQUID token on Binance Smart Chain.
SQUID was available to buy on BSC based decentralised exchanges such as PancakeSwap and soon rallied +300,000%.
No, that 300K% number is not a typo.
But those same anonymous, centralised developers used an open back door left in the unaudited code, to essentially steal all value from tokens on the exchange and leave investors holding a literal worthless bag.
Yep, a rug pull.
Take one look at the chart below and put yourself in the shoes of an investor who obviously has no concept of how crypto works:
I’m not going to go into details on the scammy tokenomics, but the anti dump mechanism’ that was somehow promoted as a positive feature, actually stopped investors from selling while the devs liquidated the pools.
A classic rug pull executed to perfection, seeing the scamming devs make off with a cool $12 million USD.
“Squid Game Dev does not want to continue running the project as we are depressed from the scammers and are overwhelmed with stress.”
We are depressed from the scammers, so we are scamming you.
So ironic that it hurts my brain.
Why did the mainstream media promote SQUID?
Because it’s funny.
Because people will click a headline that has the buzz words of Squid Game and crypto together.
I mean here we go again.
The extremely reckless crypto mainstream media narrative strikes again.
The mainstream media happily promoted a scam…
...Oh sorry, I mean promoted a meme coin.
Meme coin, lol.
Encouraging regular people who don’t understand finance, let alone the world of decentralised financial investments, to literally gift their hard earned cash to scammers.
If your editors don’t understand the concept of token distribution and centralisation, then you have no place talking about these projects.
But hey, at least they got their couple of thousand extra clicks from mums and dads searching for their favourite show on Netflix.
I’m all for personal responsibility, but I’m also for at least giving regular people who aren’t financially savvy a chance.
Something that promoting this Squid Game crypto scam on mainstream media outlets that people believe they can trust, did not do.
I hope you all get sued.
Is Shiba Inu coin the next scam?
I don’t know how many more times I have to say it, but I’m trying to warn any regular investors reading this from Google, that yes Shiba Inu coin is a scam.
There is honestly no other way to put it.
An anonymous dev team ensuring their connected wallets hold a majority of the supply, while employing questionable tokenomics and a crappy yield farming platform?
At these prices, Shiba Inu coin is set up for the mother of all dumps.
You think a tiny Squid Game scam crypto dumping to zero was big?
Try a top 10 cryptocurrency by market cap.
The fallout is going to be epic.
Don’t be the one left holding the bag when it happens.
Best of probabilities to you.
Direct from the desk of Dane Williams.
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This Squid Game blog is exclusive to leofinance.io.