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- Squid Game was nothing more than a rug pull crypto scam project
- Squid Game developers should have laundered several millions of dollars
- Crypto researcher Max Maher, noted some points following which inventors should always back off
- Investors should do their own researches rather than feeling FOMO and losing 100%
Squid Game cryptocurrency project has been introduced in the cryptosphere like a wrecking ball. The project took thousands of investors on a dizzying ride and vanished into the thin air, leaving the entire ecosystem stunned. On one side of the crypto market Shiba Inu (SHIB) sees meteoric spikes and success. On the other hand, the success of play-to-earn gaming metaverse like Axie Infinity and the Netflix-show Squid Games game fueled the influenced digital asset Squid Games (SQUID). However, after gaining tremendous value it was revealed that the project was only a rug pull that left its investors with staggering losses. Following what happened, Max Maher, a cryptocurrency researcher noted some red flags that the investors missed.
Devs scammed several million dollars
According to Maher, Netflix-show Squid Game inspired SQUID tokens initially looked like just another quirky contender in the cryptosphere. As the project arose in the cryptosphere, investors of the project looked lived through their worst nightmares after a tug pull left them to deal with staggering losses.
Summing up the damage, the crypto researcher claimed that it is more than clear at this point that the developers of the project just abandoned a ship with millions of dollars in it. It is known that approximately, 36k individual investors fall victim to such a scam. However, the exact figure that has been scammed is yet to be revealed but it’s clear that the developers have laundered several millions of dollars.
It is also notable that several mainstream media covered the sudden spike in the price of SQUID tokens. The shocking rally of the digital asset was everywhere on headlines at the time. Some of the crypto news media outlets also pointed out the CoinMarketCap warning.
Squid Game token’s missed red flags
The crypto researcher Maher had listed some of the warning signs that he felt investors must have missed. Indeed, he listed all the points and deemed that if any investors should observe any of them, then they should quickly back off.
First of all, it was observed that the very young age Squid Game token’s official website had a very poor design. Moreover, the wihite paper of the project consisted of several grammatical errors, very little information regarding Proof-of-Game-Play. Besides these, there were restrictions on selling the tokens, and communicating on the project’s social media channels.
Further, Maher also noted some very little legitimate information regarding the team behind Squid Game crypto tokens. According to researchers the photos on the website seemed to be generated using Artificial Intelligence.
It is worth noting that any legit crypto project will never intentionally restrict selling of tokens. And if the investors are not sure of any project they should never step in such wagons.
Investors should afraid FOMO
BscScan has classified the Squid Game project as a heist. However, the site is late in doing so. Hence, the investors should always do their own research before putting their hard earned money on stake. If an investor is unsure about any project he should always avoid FOMO that creeps up. According to Maher, it is better to miss out 5% of gains than losing 100% of our funds.