SQUID GAME ISN'T OVER YET!

“Try not to keep your eggs in the same basket.”, but ever since the Squid Game Cryptocurrency was released on 20th October, 2021 right after one month release of the web show, no one was quite going by the saying of the Korean thriller series. Squid crypto surged more than 75,000% in just its first week. For those who are unenlightened by the name Squid Game, it is a South Korean dystopian series about people competing for prize money in brutal survival games. The K-drama that streamed on Netflix in 94 countries, is a runaway success and has become a global cultural phenomenon. The latest memecoin sensation surged more than 230,000% in the last week, but however it all turned out to be a scam.

It was a “play-to-earn” cryptocurrency, introduced on the website SquidGame.cash. The investors were termed as “The Squid Holders”, they could play online games inspired by the childhood games exhibited in the show. Entry fees were charged in squid- 10% of which the developers earned, and the remaining was invested back into the reward pool. The show is quite deadly and the visuals are horrifying, but the developers of the crypto however mentioned “More importantly, we do not provide deadly consequences apparently! Your experience will only reflect on the joy of winning rewards and sorrow of losing money when the game failed.” But the developers did not seem to stick to their words.

This project, while clearly inspired by the Netflix show of the same name, is not affiliated with the official IP,” it says at the top of the SQUID page, referring to intellectual property. The Squid cryptocurrency collapsed on Monday, but the hucksters who leveraged the popularity of the show managed to make off an estimated $3.38 million (roughly Rs 25.3 crore). After reaching a peak value of $2,861, according to CoinMarketCap, the currency tanked to just $0, and the Squid Holders lost all their money. It is called a “rug pull”. The maneuver, known as a “rug pull” in cryptocurrency circles, occurs when a token's creators abandon the project by exchanging many virtual coins for real-world cash.

It is when the creators of cryptocurrency cash out the coins for real money, possibly when the prices have hit an all-time high - which was more than 270,000 per cent in the case of the Squid cryptocurrency, leaving almost no liquidity in the exchange for any further trade. The investors, hence, do not get to sell their coins. But the biggest red flag was when investors began facing trouble selling their Squid tokens on the platform.