A popular digital asset known as Squid Game token – based on a hit Netflix series – has gone kaput. The currency was trading for well over $2,800 during the weekend, but the currency has since crashed into oblivion and is now worth less than half a cent after executives decided to pull the plug and run off with all the proceeds.
Squid Game Token Is Over and Done With
The currency gets its name from “Squid Game,” a Netflix series in which players gamble with their lives. The news was broken after the creators of the coin decided it was time to end the project early. They cashed out as much as $3.3 million worth of the token for cash, which ultimately left them rich but a lot of the currency’s traders penniless and humiliated. The situation is known as a “rug pull,” a common term in the crypto space.
In an apparent scam, the developers of the token put out the following message on their Telegram channel early in the week:
Squid Game Dev does not want to continue running the project.
The motivation for destroying the token was the depression developers were allegedly having due to the constant threat of scammers. In addition, they mentioned that they were “overwhelmed with stress” by the entire situation.
The message has failed to resonate with traders. Many are angry that in allegedly working to pull off a scam, the developers seem to place blame elsewhere in their final message to investors which reads:
Sorry again for any inconvenience that has been made for you. If anything strange starts coming out of it, ignore it. Thanks!
The currency amassed a wide variety of fans and traders when it first emerged just a few weeks ago in late October. The token’s Twitter page – which has since been suspended – garnered more than 57,000 followers, while the Telegram channel for the token had more than 70,000 subscribers. Enough people bought into the coin that it ultimately rose by 23 million percent in a very short period.
Squid Game was labeled a “play-to-earn” cryptocurrency, in which traders could take part in online versions of the dangerous games so often portrayed in the Netflix program. The show features things like young participants taking part in a game of tug of war. Those who win garner millions of dollars, while those who lose are killed off to satisfy their audience’s bloodlust.
Several Red Flags?
While Netflix has not put out any official comments, it did issue a statement explaining that the show is in no way affiliated with the cryptocurrency. The token’s whitepaper has also been removed from any online channels.
Many analysts point to serious red flags that traders allegedly chose to ignore, such as the whitepaper’s amateur tone and the token’s developers preventing comments from being posted to social media.