Tag Archives: Squid Game

There’s a Squid Game cryptocurrency… but it could prove to be a risky investment 

Via MalayMail

A mysterious Squid Game token recently appeared on the PancakeSwap marketplace. While it may get attention through its name, it could well turn out to be a scam attempt to lure fans of the series and get money from them.

Is the Squid Game craze taking over the world of cryptocurrencies as well? In any case, a mysterious crypto asset project has been reaching huge sums since its launch on October 26. Launched at a price of US$0.012, yesterday it was worth US$4.50. As of Thursday, it was recording an increase of nearly 2,400 per cent in 24 hours. So why is this cryptocurrency making such a splash? It seems that the only reason is the power of the Squid Gamebrand.

It’s impossible to ignore the recent Korean Netflix series that is a sensation across the globe. The plot focuses on a deadly competition where the prize is a huge amount of money. In order to win, players have to participate in children’s games and a misstep equals death. This series has been breaking records for Netflix around the world.

A potentially dangerous ‘cryptocurrency’? 

Caution is in order however when it comes to this cryptocurrency, whose process is proving to be a bit murky. CoinMarketCap has issued a warning, as many users have found that they could not sell these tokens. The reason? The whitepaper for this cryptocurrency outlines an anti-dumping technology that prevents buyers from reselling their coins if certain conditions are not met. This kind of token is particularly popular right now for certain schemes that involve creating value for the creator and leaving others high and dry. Such cryptocurrencies often have no clear, specific purpose and don’t have any particular new technological project. In short they simply surf on the success of a trend or meme to acquire value.

This particular token was launched as an exclusive form of payment for a “Squid Game” project created by gamer fans, a platform that will allow users to play and win money in an online tournament, known as “play to earn.” This competition will be launched in November and mimics the series by offering six games; the overall winner will win a yet to be determined sum.

The warning from CoinMarketCap comes amid a recent spate of Squid Game-related scams and malware, with cybercriminals looking to lure fans. This cryptocurrency is not officially linked to the series. 

Warning as Squid Game cryptocurrency surges 90,000% in first days of trading 

Prospective buyers have been issued a warning as a new Squid Game cryptocurrency rockets in value in its first days of trading.

By News Australia

A warning has been issued about a new cryptocurrency – inspired by the South Korean survival drama Squid Game – after it rocketed in value in its first days of trading. 

On Tuesday, the Squid coin was trading at $0.01235. By midafternoon Friday, it was trading at $11.16 – a surge of 90,264%. Its (self-reported) market capitalisation was nearly $5 billion.

Squid is a “play-to-earn” cryptocurrency, meaning people can buy tokens to play in online games where they then earn more tokens. These can be exchanged for either money or other cryptocurrencies.

But it’s been criticised for not allowing investors to resell their tokens – with CoinMarketCap issuing a warning to those wanting to buy in.

“We have received multiple reports that users are not able to sell this token in Pancakeswap,” the site says. 

“Please do your own due diligence and exercise caution while trading! This project, while clearly inspired by the Netflix show of the same name, is unlikely to be affiliated with the official IP.”

It’s unclear why some users are unable to sell their tokens, but the white paper description of the coin does lay out an anti-dumping technology that prevents people from selling their coins if certain conditions are not met. 

CoinMarketCap’s rival platform, CoinGecko, said Squid is “most likely a scam”. 

“This token did not meet our listing criteria hence it will not be listed on CoinGecko. It’s most likely a scam,” CoinGecko co-founder Bobby Ong told Cointelegraph.

Gizmodo’s Matt Novak also wrote that the crypto is “a total scam”. 

“You can put real money into the cryptocurrency, but there’s no evidence you can ever take it out. That’s simply known as theft,” he wrote. 

Pointing to the website – available at the domain SquidGame.cash – Mr Novak said the white paper “is filled with poor grammar, bizarre spelling errors, and claims that are impossible to verify”. 

“Other red flags include the fact that the Telegram channel set up by whoever’s behind this scam isn’t open to comments from outsiders. And even the Twitter account makes it impossible for regular people to reply to posts,” he added. 

“But the single largest red flag is the fact that people can put money in, but can’t take it out.” 

Cornell University economist Eswar Prasad told the BBC that Squid “joins a long and growing list of digital coins and tokens that piggyback on random memes or cultural phenomena”.

“Remarkably, many such coins rapidly catch investors’ fancy, leading to wildly inflated valuations. Naive retail investors who get caught up in such speculative frenzies face the risk of substantial losses,” he added.