The value of the token from the Squid Game project fell by 99.99% in a matter of minutes - from $2860 dollars to $0.005.
SQUID trading started last week.Starting price – one cent. In just 3 days, the token increased in price by 33,000%, reaching $3.37. Over the weekend, reports began coming in that players were unable to cash out their earnings. The developers stated that their tokens are not intended for trading, but are needed for the “game”, which will be launched later.
At the same time, the value of the token continued to grow.On Monday, its price jumped from $ 38 to over $ 2,860. Within minutes, it plummeted to $ 0.00079. Presumably, the developers performed an exit scam and withdrew all the money from the protocol. Currently 40,924 wallets contain 1 or more SQUIDs and most of them lost money as a result of this scam.
Squid Game is similar to a typical scam, with an anonymous development team, price inflation and the disappearance of the team with the clients' money.
The crypto community initially suspected the project offraud, CoinGecko refused to host the token, CoinMarketCap posted a warning about it, and Twitter blocked an account with over 70,000 followers. After being blocked, the Squid Game team tried to open new accounts, but with the same result. After that, the token fell.
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