SQUID was the latest cryptocurrency that appeared to be doing well according to CoinMarketCap. In the last week it jumped to $2,861.80 per coin, but within minutes it plummeted to $0.
The crypto was created by game developers based on the famous Netflix series, Squid Game.
Wallet activity reportedly shows that the developer’s of the game ran off with $2.5 million and it’s unable to be traced.
Users noticed in their wallet activity that the developer’s of SQUID had terminated the project before it even launched the game.
There were warnings through CoinMarketCap, which still remain on the SQUID page:
“We have received multiple reports that the website and socials are no longer functional & users are not able to sell this token in Pancakeswap. There is growing evidence that this project has rugged. Please do your own due diligence and exercise extreme caution. This project, while clearly inspired by the Netflix show of the same name, is NOT affiliated with the official IP.”
A crypto YouTuber named Quinten François also pointed out numerous red flags including their page not allowing any Twitter comments, having no publicity team, no roadmap, and no option to sell in the contract.
The company’s Medium page has been removed entirely, showing a 404 Error, and their Twitter was disabled due to suspicious activity.
Related: Can people who trade cryptocurrency sell their coins for cash?
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