The Squid Sport cryptocurrency has a winner, and it’s not your favourite character. After the token jumped 310,000% in lower than two weeks, its nameless creators have liquidated their shares, making off with an estimated $2.1 million in an obvious scam.
The cryptocurrency, known as SQUID, was value $0.012 final Tuesday. By Friday, the coin had skyrocketed in worth and was extensively lined within the media for its enormous positive factors and (unofficial) tie to the wildly in style Netflix sequence. The token’s worth peaked Sunday evening at $2,861.80 earlier than dropping 100% as of Monday to round half a cent.
SQUID popped onto the scene on October 20, purporting to be a pay-to-earn foreign money for an upcoming on-line sport primarily based on Squid Sport. However, as Gizmodo factors out, there have been a number of purple flags:
🚩 The coin’s web site was full of spelling and grammatical errors.
🚩 The Twitter account didn’t enable replies to posts.
🚩 Traders had been unable to promote their cash.
Why take the chance? Have you ever watched the present? Memecoins like dogecoin and shiba inu that went parabolic have made millionaires of early buyers. However the SQUID episode reveals how these speculative investments can fall simply as exhausting.—MK