4,447
 

Squid Game Cryptocurrency Scammers Make Off With $3.3 Million



ADVERTISEMENT
 
topics gone triple plat - Number 1 spot 3X PLAT

most viewed right now
  111
38 replies  @sports



section  x1   |  0 bx goons and 1 bystanders Share this on Twitter       Share this on Facebook

section tech
  
 3 months ago '15        #1
1648 page views
10 comments


Top Goon  topics gone triple plat - Number 1 spot x192
avatar
Props total: 155694 155 K  Slaps total: 18909 18 K
Squid Game Cryptocurrency Scammers Make Off With $3.3 Million
 

 
image

The anonymous hucksters behind a Squid Game cryptocurrency have officially pulled the rug on the project, making off with an estimated $3.38 million. Remember on Friday morning when Gizmodo told you it was an obvious scam? It was only obvious because investors could purchase the crypto but couldn’t sell it. But plenty of people didn’t get the warning in time.

The SQUID cryptocurrency peaked at a price of $2,861 before plummeting to $0 around 5:40 a.m. ET., according to the website CoinMarketCap. This kind of theft, commonly called a “rug pull” by crypto investors, happens when the creators of the crypto quickly cash out their coins for real money, draining the liquidity pool from the exchange.

The SQUID crypto coin was launched just last week and included plenty of red flags, including a three-week old website filled with bizarre spelling and grammatical errors. The website, hosted at SquidGame.cash, has disappeared, along with every other social media presence set up by the scammers. You can see an archived version of the website here.

Other red flags included the fact that SQUID’s Telegram channel, set up by the unknown scammers, didn’t allow comments from outsiders. And the Twitter account made it impossible for anyone to reply to posts.

But the biggest red flag was that no one who purchased the coin was able to sell. That didn’t stop mainstream news outlets like the BBC, Yahoo News, Business Insider, Fortune, and CNBC from running headlines about how the new Squid Game cryptocurrency had soared by 83,000% over just a few days.

This is just the latest example of scammers utilizing pop culture to get media attention. A similar rug-pull occurred earlier this year with Mando, a cryptocurrency that used images from Disney+’s Mandalorian TV show—without permission from Disney, of course.

Does this mean that investors have finally learned their lesson and won’t invest in shady cryptocurrency projects anymore? That seems unlikely. Scam artists love the crypto space because it’s incredibly difficult to differentiate the scammers from someone who’s earnestly trying to create a legitimate cryptocurrency—perhaps because the idea of making your own currency is inherently fraudulent.

image

There’s a reason traditional currency has largely been the domain of governments throughout recorded history. Everyone participating in a given society needs to agree that a currency is worth something, and there are few institutions outside of government that can lend credibility to something so important. Libertarians will tell you otherwise, but we’ll have to disagree on this one.

Does this mean you can’t make money trading crypto? Obviously there are a lot of people making real dollars in the crypto space selling “mainstream” coins like bitcoin or even smaller coins like Shiba Inu, which has skyrocketed in price recently. But just because people are making money at it today doesn’t mean it’ll be around forever. Cryptocurrency will only survive if people have faith that it’s real money. And that sentiment can change from day to day.

If you’re going to buy cryptocurrency, the most important thing to look out for isn’t necessarily the price. First, figure out whether you can sell the coin after you bought it. If you can’t sell—like the people who invested in SQUID discovered they can’t—it doesn’t matter how high the price goes, just as it doesn’t matter how large of a number someone writes on Monopoly bills.

Cryptocurrency is only worth what someone else is willing to pay for it. And if the rules say you can’t even sell, you’ve just been scammed. Sorry, folks.

visit this link https://gizmodo.com/squid .. 1-m-1847972824
+4   



best
worst
10 comments
 

 3 months ago '04        #2
Spida34 
Props total: 174 174  Slaps total: 12 12
Damn who put in I know some one did from the other thread. Damn my people. that have me mad as hell
+5   

 3 months ago '20        #3
Gen Anti Fruit  topics gone triple plat - Number 1 spot x15
Props total: 91081 91 K  Slaps total: 4554 4 K
This sh*ts about to become the norm.

So watch out for the jux my sh*tcoin aficionados.

 3 months ago '15        #4
Hellmatic 
Props total: 48138 48 K  Slaps total: 4649 4 K
They say he wasn't invested in the coin and was just showing that it will dump soon. But its crazy seeing it drop live like that

.

+1   

 3 months ago '15        #5
thirssty58  topics gone triple plat - Number 1 spot x1
Props total: 47828 47 K  Slaps total: 6346 6 K
If you're getting caught up in sh*tcoin rugpulls at this point you deserve it
+7   

 3 months ago '17        #6
Nosbig 
Props total: 4394 4 K  Slaps total: 657 657
Ppl out here buying meme coins without coin gecko

 3 months ago '18        #7
The3 
Props total: 11827 11 K  Slaps total: 1859 1 K
 Gen Anti Fruit said
This sh*ts about to become the norm.

So watch out for the jux my sh*tcoin aficionados.
Just copy everything he does but make your own name for the coin, that it you have a coin now


+2   

 3 months ago '20        #8
Gen Anti Fruit  topics gone triple plat - Number 1 spot x15
Props total: 91081 91 K  Slaps total: 4554 4 K
 The3 said
Just copy everything he does but make your own name for the coin, that it you have a coin now


I don’t wanna make a coin I wanna make a ART NFT.

I have seen tutorials just not sure I wanna blow the initial bread.
They tax you to even begin selling. Initial cost is lowered drastically after the first sale but to get started you breaking $3-500 with no guarantee of making it back.

I don’t have that much faith in it yet. Good looks but coins I knew this NFT ART & GAMES I’m just learning about recently.
+1   

 3 months ago '18        #9
MrPersonality  topics gone triple plat - Number 1 spot x3
Props total: 12163 12 K  Slaps total: 2708 2 K
There’s altcoins, “sh*tcoins”, and obvious scams based off hype... if you lose your shirt on a squid games coin, you are a fu*king dumb a*s
+2   

 3 months ago '15        #10
redcodeinesyrup 
Props total: 9388 9 K  Slaps total: 3983 3 K
i mean if you invest in a coin called squid game youre just trash

squid game hype is up but eventually itll just fade so how can you be in a fad movie coin???

i could see if you were in something like yoda coin or t-1000 coin or balboa coin

but squid game coin really?
+1   

 3 months ago '20        #11
God is Good 
Props total: 17246 17 K  Slaps total: 16335 16 K
I’m about to start a coin named scamcoin. Anyone wanna invest?



Sign me up
 
 

yesterday...


most viewed right now
online now  28
Video inside How Many Chrome Tabs Can You Have on the New Macs?
37 comments
1 day ago
@tech
most viewed right now
+98online now  24
Video inside When is enough enough!!!!!!
144 comments
19 hours ago
@wild'ish
most viewed right now
+53online now  20
Video inside Method Man Demands To Know How New Rappers Are So Rich
148 comments
21 hours ago
@hiphop
most viewed right now
+98online now  16
Kyrse Gondrezick waived by the Indiana Fever
167 comments
19 hours ago
@sports
back to top
register register Follow BX @ Twitter search BX privacyprivacy