Played Million Dollar Squid

Against the backdrop of the popularity of the series, scammers created the crypto game “Squid Game” and released the Squid Coin cryptocurrency for it.at the time of release, it could be purchased at $ 0.06 apiece on the decentralized crypto exchanges (DEXs) PancakeSwap and Dodo.

The SQUID cryptocurrency began trading on the market on October 26; by the evening of October 31, its value was more than $37.

During the period from 8:20 to 11:35 on the first of November, the SQUID coinrose from $ 38 to $ 2861, after which it fell to $ 0.0007962.

The patient is dead

The scammers sold all their coins and fled with millions of dollars.

Cryptocurrency experts have warned investors of a number of signs that it is likely a scam. Also suspicious was the fact that investorsthere was no way to sell my tokens, and it was noticed on the sitemany spelling and grammatical errors. However, many continued to invest in SQUID. As a result, the website does not work, and accounts promoting tokens on social networks are deactivated.

DYOR (do your own research)- Always do your own research. Every investor should know about the DYOR concept (especially for cryptocurrencies).

What the creators of squid did is called"rug pull"a classic scam when the team behind a crypto project walks away with users’ funds. As such scams become more common as the space growsDeFi (decentralized finance),investors need to be careful before investing in a dubious project.

Why can't similar projects be banned or excluded from the listing?

It is important to understand that blockchains such as Binance Smart Chain (BSC) and Ethereum are open source. There is no control or influence on projects that are built on the network (it is not needed).

Since BSC is completely community driven,management decisions must be coordinated by the community. The same is true for any other open source blockchain like Ethereum for example.

Novice cryptocurrency investors I recommend investing through centralized exchanges(Binance, FTX, Coinbase, Crypto com, etc.), because. Before listing new coins, they conduct in-depth analysis to identify fraudulent schemes.

For more advanced users, DeFi hasadvantages over centralized CeFi sites. Decentralization is the future for this industry. With DeFi, anyone can access crypto products and services without an intermediary.

 

Why wait until a centralized exchangewill list the token you have your eye on, when can you go to the decentralized exchange to buy it now? DeFi removes the middleman, allowing you to make direct transactions with counterparties. DeFi, however, can be challenging for the aspiring investor. You have to manage your own keys - you lose them and your funds will disappear forever. There is potentially no review process to keep you from interacting with suspicious projects (you have to do the analysis yourself).

Smart contracts that facilitate your transactions can have vulnerabilities that you are not aware of.

In my opinion, the benefits of DeFi are muchoutweigh the disadvantages, certainly similar "scam" projects will appear again and again, but this does not mean that truly revolutionary projects cannot appear.

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