Protect yourself from scams. Squid game example

One of the advantages Crypto assets Being able to direct different types of economic interests.

For example, the well-known Korean TV series produced by Netflix, squid gameIt entered the cryptocurrency world, but was not very victorious as it was the center of a large-scale scam.

This is because exploiting the success wave of the TV series was also announced “SQUID” iconany cryptocurrency born specifically to celebrate the show which, on paper at least, the Blockchain video game economic system should have always been inspired by the Squid Game series.

In fact, the project turned out to be a scam and video game Custom Squid game has not been launched.

there squid cryptocurrencyThe Binance token listed on PancakeSwap was also a hit at launch thanks to the TV series’ growing popularity, before it was revealed as a scam. Last year, within a week of launch, the SQUID token was worth $2,856 per unit.

there Forgery It was revealed because when early investors tried to trade cryptocurrency after the rally, it was not possible, and it is a common type of specific scam. Pull the rug out.

That is to say, take advantage of emerging projects such as squid game One “creates” one Cryptocurrency Early investors are attracted, but soon after trading activity ceased and the developers took profits and then left the scene and caused the entire project to fall.

The truth is that as a result of this scam, the value of the cryptocurrency market collapsed almost 100% and in fact the investors lost their capital today. One squid is only 0.01 euros.

According to a survey conducted by BBC With this scam linked to the TV series Squid Game, the developers of the alleged cryptocurrency were able to collect revenue equal to $3.38 million. In any case, only the Netflix platform that inspired this scam is not related to it at all and is completely innocent in this regard.

TV series Squid Game enters the world of cryptocurrency! But it turned out to be a scam!

Last year’s Korean TV series produced by Netflix squid game It has been incredibly successful in the Western world.

Specifically in order to ride this wave was announced the birth Play to earn Blockchain video game Dedicated to the same TV series and based on the game’s economy on a new cryptocurrency with the name squid. The Bep-20 token that was meant to be used in a video game was also developed on the Binance Smart Chain and can therefore be purchased on the note Decentralized Exchange (DEX) platform PancakeSwap.

In fact, after it was already released, many crypto experts began to suspect this code for a series of clues, such as the large amount of misspellings found in The white paper is not detailed at all. Where, on the other hand, serious projects are also treated with every aesthetic detail.

Anatomy of a scam. How did the authors of the Squid Cryptocurrency game deceive investors?

Anyway, the launch of the program Cryptocurrency happened when Squid Game TV series The ones that inspired the project enjoyed as much popularity as possible which led to an immediate rise in the token to over $2800 per unit.

This explosion in cryptocurrency prices, as always with cryptocurrency investments, has prompted many traders to attempt to trade cryptocurrency. SQUID icon In order to collect the profit due.

However, in practice, the owners realized that cryptocurrency exchange was not allowed and that they were in fact victims of a scam of the specified type. Pull the rug out.

Binance, It is the stock exchange with the largest market capitalization in the world Blockchain The token is built squid, He indicated that he was cooperating with the authorities to try to trace the crypto wallets used in the scam and to identify the authors of the materials. Even if the possibility of recovering the entire stolen capital is still unlikely.

Squid is not an isolated case in the cryptocurrency world! What is a “rug pull” scam?

peak and collapse squid cryptocurrency game Occurred in a very short time, on October 28, 2021 The value of the token was only 0.90 cents of dollars and then it jumped to 5 dollars per unit per day and reached its all-time high of $2,856 per token.

At this point, some investors started working on exchanging the token in order to get the profit due to the immediate increase in the price. However, the impossibility of exchanging the symbol made it clear to everyone that it is indeed one Pull the rug out scam.

This is a bogus project, in which case he allegedly bragged about A play-to-earn video game dedicated to Squid Game It uses the Squid cryptocurrency, which was launched in order to raise funds in a short time and then disappears from the scene with the loot without completing the project at all.

On November 1 last year, all the market capital was invested in the project encryption Squid game pulled and cryptocurrency collapsed 99.9% of its value per unit.

This is not a single scam involving just the SQUID code, but a practice Forgery It was founded in the world of cryptocurrencies from which one must learn to be careful when buying the newly born tokens.

whiteboard coding In his YouTube video, he gave us an overview of the seven major cryptocurrency-related scams:

Meme Coins as a Preferred Tool for Creating Cryptocurrency Scams

before November 1, 2022When early crypto holders Squid started complaining about the inability to trade tokens CoinMarketCap, A website dealing with cryptocurrency price monitoring has begun warning potential buyers of the fraudulent nature of this digital currency.

Anyway, what experts Crypto assets Their focus is on the ease with which they can be defrauded Cryptocurrency “meme” based on cultural phenomena.

Above all, what deceives investors is the fact that this type of cryptocurrency in its early life period has a good market direction.

The cryptocurrency market is full of coin meme The hits in five minutes that promise insane returns in no time, especially frequently advertised on social networks. But one thing to always keep in mind when buying a new token is the solidity and potential of the entire project you were born into.

Moreover, a useful step in analyzing a nascent cryptocurrency can be to verify the credentials of the development team, which in the case of a Squid game scam, for obvious reasons, has always opted for anonymity. So checking the white paper where in this case there is also the document for the project it is associated with SQUID icon It turned out to be concise, not at all detailed, and full of errors.

Finally, when you buy a new cryptocurrency listed on Decentralized Exchange (DEX) It must be remembered that there are no brokers and therefore anyone can list a token here. On the contrary, the cryptocurrencies included in Central Exchanges (CEX) Offer a higher level of security.

Collaborator in editing, born in 1984.
I have a degree in classical philology and a doctorate in ancient history fromUniversity of Naples Federico II, with a treatise on the fragmentary work of Asclepid de Tragello. I am an author Scientific Publications About the Classical World and co-editor of two international academic volumes. Since 2015, I moved to England where I worked as a freelance copywriter and casino dealer.
My motto is? “Naples is a flower of paradise. The last adventure of my life.”

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