The Squid Game (SQUID) coin cryptocurrency which is influenced by the widely popular Netflix series of the same name has recently caused a huge uproar on the internet and not for good reasons. The coin developers describe users to play six games and the entry fee for the first game was set at 456 SQUID.
And users who have only completed the prior game could progress to the next one and the second game in the entry demanded 1,000 SQUID in entry fee while the third required 2,000 SQUID plus a Level 1 NFT, and so on.
Out of the money paid, ten percent of the entry fee was dedicated for the developers, while the remaining 90 percent was to go to the divisible pool for the winners. And as we know the massive addictive nature of the play-to-earn platform, it was hardly surprising that the Squid Game coin became immensely popular, hitting a high of $2,861.80.
but, the problems started to arise soon as reports began to populate on Twitter of people having difficulty in cashing out their winnings. But, come 1st November the curtain finally dropped on this facade as $3.36 million were suddenly withdrawn by the game’s developers from the platform’s liquidity pool. And the SQUID coin plunged to $0 within the following ten minutes of the withdrawal.
However, like the phoenix, the Squid Game coin is again surging today and is up around 400 percent at the time of writing and still, some blind folks on the internet are ready to risk it all in this dubious crypto coin.
The Squid Game coin’s website is off-air now, and the project has been widely panned as a consummate scam, yet, some people are still willing to risk their hard-earned money to chase such dubious FOMO schemes.
We urge our readers to beware of such fraudulent scams and be smart in their investments.