South Korean Netflix series-inspired cryptocurrency Squid Game (SQUID) has plummeted to zero after recording a whopping $2,800 price per coin just a few days after launching.
The price fell to $0.005506 in a single red candle within 5 minutes on November 1, 2021, leaving behind a trail of investors who fell victim to the new scam. The scam artists likely pulled a rug from behind, allowing developers to remove the liquidity and run away with funds trapped in the system.
The coin had surged to nearly 86,000% in a week despite having no connection to the original series. The unknown team behind squid game token wrote a statement on their Telegram channel before deleting their social media accounts and official website. The statement read:
“Someone is trying to hack our project these days. Not only the Twitter account @GoGoSquidGame but also our smart contract. We are trying to protect it but the price is still abnormal. Squid Game Dev does not want to continue running the project as we are depressed from the scammers and is overwhelmed with stress. We have to remove all the restrictions and the transaction rules of Squid Game. Squid Game will enter a new stage of community autonomy.”
It was previously reported that CoinMarketCap issued a warning stating that users were unable to sell their tokens on DEX Pancakeswap, the only market available for trading the token. In addition, several crypto enthusiasts and analysts had warned against several red flags observed in its code and smart contract.