squid game: How Squid Game crypto warning proved right as it plunges to zero – Times of India

Here’s another example of the highly-volatile world of crypto — the Squid Game, or SQUID, the latest memecoin sensation, that surged more than 230,000% in the past week to $2,861.80, according to CoinMarketCap pricing — has reportedly plunged 100% to less than half a cent as of Monday in New York. As per the wallet activity, it is being alleged that the developers of the game have walked away with approximately $2.5 million of untraceable BNB after using Tornado Cash. Tornado Cash is site which is used to hide transactions on the blockchain to ‘clean’ the stolen funds. The game’s website, Twitter and other social media platforms too have all been deleted.
The SQUID is based on the Squid Game TV show which recently became the most popular show on Netflix after its release in October. The token is known as a ‘play-to-earn’ cryptocurrency, where people buy tokens to play games on the platform. A huge number of investors jumped on the token following its launch on October 27 and play the game.
Warning signals were aplenty
CoinMarketCap reportedly posted numerous warnings one said that it had received “multiple reports” that users weren’t able to sell the token on PancakeSwap, a decentralized exchange. In anotther notice on its token page for $SQUID, it told users that the coin may be a ‘honeypot’ scam.
Crypto YouTuber, Quinten François, posted warning against the crypto. He asked incestors to be careful in a tweet, saying that always be careful with memecoins frens. Some red flags: No comments allowed on twitter; No (public) team; No roadmap; No option te sell in the contract and more …”