Bitcoin Forum

This is a warning for meme coins lovers and users who love to follow twitter hype and quick to get profits from hype projects, a popular project with one of the popular Netflix series Squid game has plummet 99.99% of investors after the investors saw a big profits to a price level of $2,861 but unfortunately couldn't sell because of lack of transparency of the project, it has taken  negative dive and crashed below 1 cent. its currently trading below $0.005 as seen some few hours ago.
Twitter has also restricted their account (https://twitter.com/SquidGame_BSC) after the incident.

https://i.imgur.com/SJDAYzC.png

Current state of token

Price: $0.003271
Trading Volume: $14m
Market cap: $2.6m
Diluted market cap: $2.7m

Current state of chart

https://i.imgur.com/KOM7UAQ.jpg

Source:- SQUID (https://coinmarketcap.com/currencies/squid-game/)

Becareful of meme coins

I read that the smart contract used to create that token was setup so that only certain people were able to sell. I understand that only the creators were able to sell and those that bought after a certain time could buy but not sell.

My guess is the creators were selling slowly as the price was going up, and decided to eventually sell as much as they could once the price got sufficiently high.

There was no audit report for the project, but the team strategy was on track and being confidently implemented while investors were busy buying.

Fuck no? The price hit 2.8k per token then go down to 0.003? Damn if this is real then those who got hyped by it during the high time are probably in deep loss now. Not to mentioned if whales played it as well and got cooked. This is the worst price dive that I've seen and witness for this year.

Confidently implemented but why this happened?

I have tried to access the website but it seems down, they deactivate their website but as quoted from new York Post.

Source:- NYP (https://www.google.com/amp/s/nypost.com/2021/10/29/squid-game-crypto-skyrockets-40000-percent-in-first-week/amp/)

This is the link to squid game project but it's not going through:

This is what you get from a Hype token. Reason why I don't invest in Dogecoin or Shiba.

Squid token is completely different from Dogecoin but it's the point about a coin that's only made by hype. The people who have invested in it and got confidence still lack experience in the market. I feel bad for the guy who became trending about how he watches his life savings on this coin go to zero. It's completely sad and pitiful upon watching that streamer but it's also part of a lesson that he and everyone has to take that don't invest on these meme coins a lot.

Would be great if you could tell us how to read a smart contract (for example on Bscscan), or if you know some tutorials available on the internet that could do that.

What can you expect from a hollow project which used the name of the popular game today and riding the meme hype?
This is the scary part for those who were attracted to get on board with this project.
Now, the price is already down, I don't think there will be another pump as more than likely, the member(s) are already enjoying their "stolen" money from naive buyers.


Do you have reference for this, regarding the section where you can see from their smart contract about the limits of who can only sell?
For sure, they only allow the team members who can sell their crap token.
Because we will see those addresses involved if they still have their tokens left.

Clearly that new token that based on the squidgame movie is for hype only, i saw that token really flying like unstoppable but i know it won't last, but yep it's very unfair because i missed the opportunity from it to gain quick profits, just imagine it was listed only in few exchanges not yet on binance but how the way it jumped to the highest price in just short period of time is really amazing..but at this point for sure it will end up like that.. I mean it's now in the critical situation.  ;D i will never ride on it unless if it show a potential especially for quick profits. Lol

A complete madness is ongoing in the altcoin market right now which started by Elon and has now become a scammers' paradise. Any random tokens are getting listed on any random swaps and people are buying those craps. Squid game was one of those utter craps. I am happy that it crashed and people loat money. Because people need to understand that these tokens are pure gambling and nothing else. People need to learn the hard way! Craps can't make you a millionaire for sure.

Now even you will find clones of Shiba Inu coins flooding the market.

One of the way to suspect a scam project is to critically appraised their activities and objectives to see if such project is trying to leverage on a popular trend,  name or something that mean something to people.  Squid game gained popularity through it's series on Netflix! How on earth do people think such project will replicate what happened in the movie in Cryptocurrency? These are just red flags that should not be ignore if you don't want to get rugged!

The basis for my statement was this article (https://nypost.com/2021/10/29/squid-game-crypto-skyrockets-40000-percent-in-first-week/).

You can read the smart contract on bytecode (https://etherscan.io/bytecode-decompiler?a=0x9cda227147684fc93850d596e13e82ba6599beee) that is on etherscan. The contract is 6800 lines, and I have not reviewed it.

that's why beginners need to research this especially because of FOMO, I didn't tell Shiba which is currently popular, there are even a lot of tokens like this, this is only a little that has been revealed there are still many fraudulent projects like this just by selling popular names , currently facebook is changing the name of META maybe there is a name META token in the near future and people keep buying it, it looks so stupid then they come to this forum and say crypto is a scam

Also just saw this one on my facebook feed. From 230k% up last weeks to almost half cent now. The developers of this coin gained so much money from this scam.
It is trully dangerous to invest on something just base on its hype. Clearly the investors of this coin were just hyped since the Squid Game series were really famous recently until now.

Lesson learned for them, but I think we shouldn't be happy for their lost.

Scammer took the advantage from current hype of "Squid Game" web serie and did this rugpull carefully. Few days ago, there was a warning in CMC that few users can't sell iit after buying and even after that warning, many users aped into this shit and got rekt. BTW, a livestream video (https://t.me/bitbytecrypto/12869) is circulating when youtuber was checking that memecoin and rug pull was done which is interesting.  ;D ;D So stay away from memecoins , especially from those which are created according to the current trend/hype from social media.

one of the reasons i'm afraid to buy altcoin is precisely because i always think what if the altcoin creator disappears or do something stupid that makes the altcoin price drop to zero? I just day trade altcoin sometimes, but I don't trust altcoin, I prefer to just trust bitcoin... unfortunately due to the high bitcoin transaction rate I'm forced to use litecoin. the people who had this altcoin at this time are crying a lot due to the great loss

This is absolutely bad, imagine an investor buying massively at the peak price and all of a sudden the price crashed from a whooping $2,861 to $0.005 that is a catatrophic loss this is a big warning to investors whose mind set is to earn huge profit in a bid to becoming rich overnight thus investing in meme coin, when there are credible and reliable coins that worth investing on though the profit to earn might not be massive but very real and reliable for a long term investment perspective.

Im not sure about this. The backdoor could be implemented by them during the contract creation. I were still seeing buy and sell happened through dextool but it's quite strange to see people were not able to selling their tokens last days and i suppose if it was the scammer who have been actively manipulating the buy and sell in the market. The scammer will never need an audit as the contract already created for the scam purpose only.
Audit will be revealing the backdoor that already created in the smartcontract.


It's quite different when you were investing in doge or shiba. The code was not private and it will be fully audited by the community and some companies. It will be more transparent rather than a project that created by scammer. I thought that if it's not true at this moment but if you're thinking hype token was bad and it's your mind. Others may have different way of thinking about that. So far i never seen any problem happened with shiba inu as this is even younger than doge coin.

now that's what I call a "smart" contract, they profited from a small trend and waited for the price to go up and then comes the big dump, that's why we should be careful if we want to invest some tokens nowadays and we better check everything about it and the team behind it, I hope this could be a lesson for those who where a victim of this and even us who weren't.

I  got a recommendation on youtube about this Squid Game NFT before, is it official from the film production or from their fans? many boast that this token previously went up to 100,000% if the token is true it can only be bought and cannot be sold This nft developer is really unethical and like scamming their own supporters !

I wonder how many takes this as news. This crap has happened over and over before, anonymous devs and no real fundamentals, of course this was going to happen. I can't feel sorry for anyone who lost money on this because it should be an opportunity for expensive lesson. Question is how many lessons people can afford before they learn?

Plus the team already used some mixer to get away with the money. That's very scary on the part of decentralized approach of blockchain. I'm not against having a decentralized system but those in favir should realize this as well that'd why SEC and authority are getting alarmed with what crypto can do. We can't probably oppress those scammers easily. The sure way to guaruanteed such event is proper regulation or strict implementation on those smart contract. Projects being launch such on pancakeswap should be strict like any token project that wanted to list should be doxx or submitted some verification or proof that they are legit.

Hell yeah. Feel sorry to those who blindly invest saying "this is a no-brainer thing and it could get you rich quickly". Ahhhh, the feeling. Hoping that no lives gonna get lost because of this because even if you see you bought it a hundred or even lower than that and has no capacity to sell it anymore, that's something the misery, couldn't be worst. Not sorry for those whales, they can get it again but for those investors who put something like life savings, it's a torture.

This creator should get sued and there should be some investigation to follow and if it can be tracked or something. I wonder how much they got from this nosediving scene. The currency itself was like the movie adaptation, some investors are near the finish line but got the red light and they move, baaaaam! Shoot in the head.

Actually they should be in prison forever for doing this atrocity. The only problem is theyre anon and probably they are careful enough to plan a good exit strategy for this. That's the problem when traders doesn't know or how to read codes where exploitation could easily be seen. Usually we can check it out prior to our investment. Ask some auditor if the contract is safe and has no possible rugpull or unlocked liquidity schemes.


With that huge steal probably they could get more than $50million or maybe more.

I understood that this token was a scam as soon as some investors reported that they couldn't sell, and I really don't understand why people continued buying it when they got to know that it can't be sold. You couldn't sell it because it was blocked with proxy features,iy means that the owner can renew contract on any logic. So they updated logic 6 days ago to an unknown (unverified code) and yesterday they withdrew all the liquidity in the amount of $ 19 million from PancakeSwap.

lol , just 3 days and everything vanished , happy rugpull , i also watch the video about a guy was live stream and seeing that stupid squid game squeezing the holder  ;D , just watch it (https://twitter.com/maxkeiser/status/1455187031991148549) by yourself .

BitConnect deja vu vibes.
https://www.ccn.com/wp-content/uploads/2018/08/carlos-bitconnect-.png

At least a bunch of people have learned their lesson.

I'm not sure why you compare doge with those (Shiba and Squid)? Doge is exist while you don't come here.

true, but Doge is different, I used it for along time ago for faucet and bet. Squid is a new token that I feel it will use for the pump and dump scheme, I think it will not exist for a long time like Doge.

we will avoid this also, they sell the name without lookup which hasn't changed the habits, they still have the problem with us about privacy.

that stupid investor who buys a new token without any research. i know they hope too much to get profit fast with invest like this and finally, they got hit

there's always a moment like this every time and everywhere.

Yes, they're both different in terms of their market but they're both meme coins but Squid coin became a scam and rug pull.

Well, they've turned already into a scam and that's why it will no longer exist as they've already shown their true nature of being a scam. This had made a lot of its investors lose faith to the market because those that can no longer recover might already stop investing in cryptos.

Many trend buyers (the name for trend coin wholesalers) are looking for newly released coins (launching) in order to get the cheapest possible price and sell them at the highest prices, Squid game rugpul and many suffer losses..

Well, if they get caught I think that's more like the possibility where would they end up. More like it get mixed already but I think there are ways it could be tracked but looks like a tedious process. I don't know even if they present an audited contract if it's still dprove their legitimacy when there motive is really to scam the investors.

But this means another thing for those who want to jump in the crypto space, it's something that make some fears.

A twitch streamer luckily caught it while he is on livestream here is the link: LINK (https://www.youtube.com/watch?v=5QfjWbpms7w)
Do we need to pity those who invested in this project? I don't think so. Whatever we do, there will still be investors who will fall into these kind of scams.

Just a few hours ago, the discord channel of Axie Infinity got hacked and the scammer spammed a message and there is a phishing link there. Minutes after that spams, the devs deleted the announcement channel and in just a span of maybe 30 minutes or less, the scammers took $100,000 of the investor's funds.

The problem with some investors is that, we already knew that it is a scam and yet we are putting so much money into it to the point that they will be depressed if they lost that money. It is wrong but its the nature of the people to be risky because why not, you can get a huge money on it right :D. This Squid game token is a hit or miss project and unfortunately for the investors, this is just one of the many rugpulls that will happen and will happen and will happen.

Well, if you watched the series Squid Game there is only one winner there. Same here with what happened. There is only one winner here and its the developer :D.

What happened is really terrible, not only that, but Coinmarket has published the following warning:

This is a real disaster. Poor investors are no longer able to sell their tokens even at the cheapest price. If users are not able to sell their tokens on Pancakeswap then unfortunately they lost their money, but I still see the possibility of buying, this is cheating.
This is a harsh lesson for anyone who runs after coins that are skyrocketing, from my experience I have gained a rule to never run after coins that have risen so much because they will eventually fall. These are chitcoins, especially meme coins, and soon their impact will disappear from the market.

If there is a way then they should find it to give justice to those who invested big on this one. We can't totally blame them not knowing all even though they somehow responsible for their own funds. That's why they should always be careful.  Audited or not, I wonder why those investors aren't paying attention to the smart contract codes. This could be seen whether the liquidity cna be pool anytime which is quite risky and knowing that should already make them decide not to enter in spite of risk.