The Scam Squid Game cryptocurrency SQUID has dropped to zero as the anonymous devs rug pull.
Just like that, the price of SQUID, a cryptocurrency that stole its name from the popular Squid Game series on Netflix, has gone to zero.
Yet another Binance Smart Chain based project to scam investors before exit scamming via a rug pull.
Let’s take a look at what happened to cause SQUID to go to zero and ask whether the same thing could happen to SHIB.
Spoiler alert: It will.
What happened to the Squid Game crypto (SQUID)?
A week ago an anonymous team of devs, who were completely unaffiliated to Netflix, launched the SQUID token on Binance Smart Chain.
SQUID was available to buy on BSC based decentralised exchanges such as PancakeSwap and soon rallied +300,000%.
No, that 300K% number is not a typo.
But those same anonymous, centralised developers used an open back door left in the unaudited code, to essentially steal all value from tokens on the exchange and leave investors holding a literal worthless bag.
Yep, a rug pull.
Take one look at the chart below and put yourself in the shoes of an investor who obviously has no concept of how crypto works:
I’m not going to go into details on the scammy tokenomics, but the anti dump mechanism’ that was somehow promoted as a positive feature, actually stopped investors from selling while the devs liquidated the pools.
A classic rug pull executed to perfection, seeing the scamming devs make off with a cool $12 million USD.
“Squid Game Dev does not want to continue running the project as we are depressed from the scammers and are overwhelmed with stress.”
We are depressed from the scammers, so we are scamming you.
So ironic that it hurts my brain.
Why did the mainstream media promote SQUID?
Because it’s funny.
Because people will click a headline that has the buzz words of Squid Game and crypto together.
I mean here we go again.
The extremely reckless crypto mainstream media narrative strikes again.
The mainstream media happily promoted a scam…
...Oh sorry, I mean promoted a meme coin.
Meme coin, lol.
Encouraging regular people who don’t understand finance, let alone the world of decentralised financial investments, to literally gift their hard earned cash to scammers.
If your editors don’t understand the concept of token distribution and centralisation, then you have no place talking about these projects.
But hey, at least they got their couple of thousand extra clicks from mums and dads searching for their favourite show on Netflix.
I’m all for personal responsibility, but I’m also for at least giving regular people who aren’t financially savvy a chance.
Something that promoting this Squid Game crypto scam on mainstream media outlets that people believe they can trust, did not do.
I hope you all get sued.
Is Shiba Inu coin the next scam?
I don’t know how many more times I have to say it, but I’m trying to warn any regular investors reading this from Google, that yes Shiba Inu coin is a scam.
There is honestly no other way to put it.
An anonymous dev team ensuring their connected wallets hold a majority of the supply, while employing questionable tokenomics and a crappy yield farming platform?
At these prices, Shiba Inu coin is set up for the mother of all dumps.
You think a tiny Squid Game scam crypto dumping to zero was big?
Try a top 10 cryptocurrency by market cap.
The fallout is going to be epic.
Don’t be the one left holding the bag when it happens.
Best of probabilities to you.
Direct from the desk of Dane Williams.
Why not leave a comment and share your thoughts on the Squid Game crypto scam within the comments section below? All comments that add something to the discussion will be upvoted.
This Squid Game blog is exclusive to leofinance.io.
Posted Using LeoFinance Beta
It's funny how people don't do any research and just blindly jump into projects. It's probably one of the reasons fueling the mainstream narrative that crypto must be regulated or banned. It's almost like there is a rug pull or a pump and dump every other day.
Posted Using LeoFinance Beta
People are stupid, there's no denying that fact.
But the mainstream media narrative for scam tokens like this is extremely reckless.
They think its funny and for throwaway clicks, but regular people get EXTREMELY screwed over.
It's sad.
Posted Using LeoFinance Beta
It's sad, you'd think people would learn but they are always after the next get rich quick and honestly out of all the people that invested and got screwed 95% of them will buy into the next one which is why scam artists like this keep doing it. People be dumb AF for reals.
These deflationary fly by night tokens are so trash, they offer NOTHING in terms of value and just talk a lot of hype and speculation and people keep buying into it. Instead of solid projects like CUB/LEO/HIVE etc.
For me the issue is that they're promoted as legitimate projects by the mainstream media, when they're clearly scams.
If the token distribution is top-heavy and there's unaudited code around their defi platform, it's obviously a scam.
I honestly feel bad for regular people who were tricked into buying.
Posted Using LeoFinance Beta
true but people should be accountable for their own action and do their own research from what I hear it was a whole 3.3 million more than that gets "lost" every day from government scams.
They are lurking in every dark corner of the crypto space!
I'm kind of glad I've 'got mine' already that I don't need to chase these fly by night projects, in fact I generally avoid them these days, I much prefer the slow and steady!
With the odd 0.1% punt maybe! But not on this thankfully.
Posted Using LeoFinance Beta
It's kind of funny when you look at the big picture.
Like I'd consider earning 150% in the CUB:BUSD LP as a "safer" alternative.
And we're disappointed because it's only 150% per year on top of whatever the price of your underlying assets do.
Hilarious that this isn't enough to be considered truly monumental returns like what meme coins promise.
Crazy times we live in :)
Posted Using LeoFinance Beta
Oh I'm not disappointed with that return, and given the relative security it's one of the best investments in crypto, although I'm now out of that pool altogether and in the Kingdom!
But I think I might dive back into it with the Cub I harvest from now on...
Posted Using LeoFinance Beta
It's nothing wrong with buying a lottery ticket now and there.
Posted Using LeoFinance Beta
Ah, the old tax on the poor.
Each to their own.
Posted Using LeoFinance Beta
I dont have a problem with these coins, it is like a lotto. you have small chance to win millions. you usually lose
Consistently lose*
Literally taxing people that don't understand math.
Posted Using LeoFinance Beta
Wow, I heard about the rug pull but I didn't know they walked with 12M. It's very sad indeed and I think things like that will become more and more common as crypto goes mainstream.
I like to think that after some time people in general will become wiser and won't fall for that kind of scam as often but that's gonna take some time
Posted Using LeoFinance Beta
For context, that's around the entire TVL on Cub Finance right now ;)
A drop in the ocean of the entire DeFi industry, but not a bad day's work for a bit of coding.
Posted Using LeoFinance Beta
What's your opinion about EverGrow coin?
https://evergrowcoin.com/
Posted Using LeoFinance Beta
It will likely grow.
For ever.
Posted Using LeoFinance Beta
It seems so. Glad to hear your positive words, i have invest a chunk of my bags there (very early).
Posted Using LeoFinance Beta
Thank you for the interesting views you shared with us in this article about the meme coins.
Even the majority of people here love their meme coins.
Someone has to take the other side of the argument ;)
Posted Using LeoFinance Beta
One thing you might have to consider is, people understand perfectly that they are taking a risk. Most just want to get to a particular price point and get out. Unfortunately most times it does not get to this price point before something drastic happens. Many people are of the belief that if I get in early and cash out early I would be safe, then they are victims
Posted Using LeoFinance Beta
You're right that some people do perfectly understand the risk they're taking and are happy to take it because they see the potential rewards as being worth it.
However, I would argue that the majority of retail investors do not understand, let alone care about, the risk:reward ratio of their investment.
Just simply that someone told them that the fun dog money would make them rich so they bought it without a plan.
Posted Using LeoFinance Beta