Squid Game Token entered the altcoin market as a “fireball” and took thousands of investors on a roller coaster ride before disappearing and sending the entire industry into turmoil. To understand what happened, we take a look at researcher Max Maher’s findings.
Max Maher: 36,000 people fell victim to this scam
In an era of rapid growth of the Shiba Inu and the success of games that are won by playing like Axie Infinity, the Squid Game (SQUID) token, inspired by the original Netflix show, seems like another wacky competitor. In the end, many investors had their worst nightmares after a rug pull operation that left them facing staggering losses. Maher summarizes the damage as follows:
At this point, it’s pretty clear that they (the developers) have left the ship with millions of dollars, meaning at least 36,000 people have fallen victim to this scam. So how much money did the scammers make? True, we do not know the exact numbers. We know they missed at least a few million dollars.
He also criticized the way mainstream media like the BBC reported on SQUID’s shocking price increase, calling the game “play-to-win” despite CoinMarketCap’s warning and showing how people can’t withdraw money.
Red flag missed in altcoin project
cryptocoin.com Maher, whose reports we have shared, listed a number of warning signs that he thinks altcoin investors should withdraw quickly. These include the short uptime of the Squid Game website, poor website design, grammatical errors in the whitepaper, little evidence of gameplay, limited SQUID token sales, and communication restrictions on other sites. There is also the poor quality of social media channels.
Maher also noted that he found little plausible information about the developers:
Any legitimate project does not intentionally restrict the sale of a token. It’s that simple. If you’re not 100% sure you can sell it, don’t buy it.
Meanwhile, it is important to note that BscScan has classified the Squid Game (SQUID) token as a robbery.
Changpeng Zhao (CZ) warns
As the SQUID token runs on Binance Smart Chain, CEO Changpeng Zhao shared some investment advice: “Please don’t FOMO.”
On the other hand, it seems like the game is not over as journalist Colin Wu has hinted that Chinese crypto users are also FOMOing about the game. Meanwhile, SQUID price rose 74.03% on the day to reach $0.499. It is now trading at $0.2703, down 48% in the last 24 hours.
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