'Squid Game' cryptocurrency scams $2 million

[tvplus006]

I heard about this coin but did not invest.

Though $2 million is just a small amount compared to the money going in and out in crypto but for a scammer to take $2 million, that's already a jackpot. This tells us that there are still newbie investors out there who do not have enough knowledge in crypto but went so aggressive, if they understand the basics, they would not fall for that scam.

I can't believe that volume that time was $11 million _https://coinmarketcap.com/currencies/squid-game/
Probably the scammers trying to pump the coin with their money and take the money from those who ride with the FOMO.

This coin continues to be traded on decentralized and centralized exchanges, which means it is too early to talk about the number of affected participants and the losses they incurred. And considering the fact that the daily trading volume of Squid Game coin is $29 million, we can say for sure that the number of victims of this scam will be even greater.

[Starkick]

Haven't you heard that Utopia p2p officially sponsored the Blockchain Economy Expo? This will be the first blockchain exhibition in the history of the "World Exhibition". The Blockchain Economy Expo will be held as part of the World Expo on November 14-15, 2021 at the Dubai Exhibition Center. The WORLD Exhibition has been held for 170 years, and for the first time the blockchain will be presented to the world at the same level as countries, international organizations and other traditional enterprises

[Dewi Aries]

On Oct. 26 a coin called $SQUID was launched by a group with no affiliation to the creators of the hit Netflix show -- the first red flag. As memecoins sometimes do, it exploded in growth. After listing at 12 cents, on early Monday morning it briefly hit a peak of $2,800.

Then, as memecoins are also known for doing, it all crashed. In an instant, the price fell to one third of one cent, where it remains at time of writing.

So the question is how people still believe in all that stuff? Easy money is very hard to catch.

There are many types of investor, who look on old but safer coin, and then the one who look for new coins which just launched and speculate with it. If the coin already reach peak, then people not sell it so it is their mistake. We made investment especially to a coin with only hype, must know when to get out and take profit.

[wxa7115]

I don't think it's a scam, because from the beginning the concept of this token was rugpull.
yes, from the name alone we can conclude that it will happen, do you remember how the Squid Game movie?
yes only 1 person wins, and in this case the winner is the developer, it's a pity if you follow tokens like this

It is a scam, most scams are that way from day one and this was the case here, I will agree that it was easy to see this coin was a scam as the coin had no affiliation at all with the producers of the TV series and scammers just took advantage of the popularity of the show to get some easy money.

It is sad that people keep falling for such obvious scams but as long as they want to make some easy money in the markets then they will keep losing their money until they recognize the market of cryptocurrencies is not a get-rich-quick scheme.

[MrFreeDragon]

How the $2m amount was calculated?

If you go to the historical data https://coinmarketcap.com/currencies/squid-game/historical-data you can find that:

26Oct-1Nov - daily turnovers were started from $3-6m and increased to $10-17m
1Nov-3Nov - daily turnovers were $14-17m
4NOv-10Nov - daily turnovers were higher than $100m: $200-300m on average and reached $424m on 7Nov

After 10Nov the token is traded with $60-90m per day, and nowadays has aprox. $30m daily turnvoer.

So, the amount $2m looks not reasonable compared to the daily turnovers of the SQUID token.

[coin-investor]

I don't think it's a scam, because from the beginning the concept of this token was rugpull.
yes, from the name alone we can conclude that it will happen, do you remember how the Squid Game movie?
yes only 1 person wins, and in this case the winner is the developer, it's a pity if you follow tokens like this

Is this a typo error or is your opinion you think it's not a scam but from all the looks on it, it's a scam, you are not allowed to use a name and a concept from a movie because you will be charged of copyright infringement, the developers of this Squid Game is very quick to do a rug pull because they know they will be caught and they will lose reputation they have done the rug pull just in time, developers are skilled scammers.

[Fredomago]

It's likely that there are more newbies that have been victimized by this rugpull of squid scam token.

True that there have been others existing before and there's a new one that's replacing it with historical remembrance about the scam. As we say that the newbies that have been involved in it will learn the lesson.

It's a worry that the new generation of newbies if not educated about such scams, are likely to be victims again.

But it will also serve as good informational drive if this kind of event will continue to be published. It's best not to just let it go the same way people forget about those many scam from the past. Give a much deeper overview to allow newcomers to know which kind of project to support. If those many victims will continue investing from this market, taking that experience seriously will manifest good knowledge to avoid doing the same mistake again.

[panduryk]

Im never belive im memecoins and so on, always im choose coin with any technology, on my opinion any coin w/o technology doomed to scam or dump for love   I rembebmer one ICO which got 100$m and after they disappeared
But scam are always and everywhere   

[Sethrey]

Fraud cases will not go away in the crypto world, they are greedy and irresponsible for every job they do. The scammers only care about themselves, I hope there will be a website forum where this site aims to place registration of all newly launched tokens and for those who don't want to register their coins in that forum then the tokens they have will be called a scam project .

I believe it's impossible. Such website will ask for the money to list the coin, like all the exchanges do. And not all the projects, especially self-funded have such free amounts. Some, like Utopia p2p, create their own no KYC exchanges for its coins and also lists the coins on the popular exchanges. And some don't have such opportunities,

[uneng]

I heard about this coin but did not invest.

Though $2 million is just a small amount compared to the money going in and out in crypto but for a scammer to take $2 million, that's already a jackpot. This tells us that there are still newbie investors out there who do not have enough knowledge in crypto but went so aggressive, if they understand the basics, they would not fall for that scam.

I can't believe that volume that time was $11 million _https://coinmarketcap.com/currencies/squid-game/
Probably the scammers trying to pump the coin with their money and take the money from those who ride with the FOMO.

Actually market capitalisation volume reached to $184m, accordingly to bbc.

These scammers were very clever, because they didn't allow buyers to resell the bought coins at exchanges. They forced people to buy intensily, without any dumps or corrections meanwhile, until they could reach the price range they were looking for, so scammers totally dropped their own coins in the market, making the whole speculative profit for themselves.

Squid Game cryptocurrency rockets in first few days of trading

[Iranus]

They prevent the user to sell the token. The meme coins are the whole piece of shit. Most meme coins create hype before launch and create influence on social media. It is true that some people get profit by holding short terms but most of the investors are deceived.

[poodle63]

How the $2m amount was calculated?

If you go to the historical data https://coinmarketcap.com/currencies/squid-game/historical-data you can find that:

26Oct-1Nov - daily turnovers were started from $3-6m and increased to $10-17m
1Nov-3Nov - daily turnovers were $14-17m
4NOv-10Nov - daily turnovers were higher than $100m: $200-300m on average and reached $424m on 7Nov

After 10Nov the token is traded with $60-90m per day, and nowadays has aprox. $30m daily turnvoer.

So, the amount $2m looks not reasonable compared to the daily turnovers of the SQUID token.

It's really wrong to use the daily volume of CMC to calculate how much already scammed by the scammer. 2m was the correct amounts and this is based on how much liquidity pool that available on pancakeswap at the time of it got rugpulled. The daily volume chart of CMC was not so accurate.

It's based on pooled BNB at the time of rugpull https://www.dextools.io/app/bsc/pair-explorer/0x683c425d917e8fef34c8bbbeab57246dd2a8b718

The scammer didn't get hundreds millions dollars on its hand. They were rugpulling the BNB pooled in the liquidity pool. There's no analytics page like uniswap in pancake. that makes a bit difficult to determine how much BNB that already scammed by scmamers.

[stomachgrowls]

They prevent the user to sell the token. The meme coins are the whole piece of shit. Most meme coins create hype before launch and create influence on social media. It is true that some people get profit by holding short terms but most of the investors are deceived.

There are many risks that will arise if they continue to force investment in memecoin, they completely rely on hype and rely on social media influence for the development of memecoin, it's better to switch to altcoins than waste time making investment schemes in memecoin, only 5% of people get big profits from the results investment in memecoin, and even then because of the moment and readiness of the capital they have.

Dont know where you do get that 5% number but its true that the only only benefits out is to those who had entered early and thats where that 95% is been trying out to do is to catch up early.

Some are already aware and most of them had just ridden only up with the hype thats why we do really see lots of people whining up on the times on where they had been scammed
because of rug pull or even just a very big percentage drop.

Any coin which is only driven or tagged along with something without having that real use case then better not to touch it out if you dont like to mess out.

[Starkick]

Fraud cases will not go away in the crypto world, they are greedy and irresponsible for every job they do. The scammers only care about themselves, I hope there will be a website forum where this site aims to place registration of all newly launched tokens and for those who don't want to register their coins in that forum then the tokens they have will be called a scam project .

I believe it's impossible. Such website will ask for the money to list the coin, like all the exchanges do. And not all the projects, especially self-funded have such free amounts. Some, like Utopia p2p, create their own no KYC exchanges for its coins and also lists the coins on the popular exchanges. And some don't have such opportunities,

you're right. It is logical that for such sites this is the way of earning. That's why they exist. I think the best solution is to use internal project exchanges.

[Dragonfund]

I feel sad for those investors but I think we can prevent such scam projects if we invest on a real project with a trusted team.

There is nothing to be sad about. The meme coin lords and senators are very well aware of what they were getting there hands on, there is no point is pitying some one with an eyes but then decide to close his eyes and walk on a high way. What do you think will happen to such person, it's a probability outcome with 70% chance of loosing and 30% chance of losing their capital. A suicide in my opinion, that's what meme coins represent.

If only they have all invested that amount on real project that will slowly develop with future potential., they would have been in mini lambos who knows.

[ardydyon]

it's best before buying new coins like this, we first read the whitebook and roadmap of what they are going to do and also check their community.
I think this squid coin is just taking advantage of the momentum of the success of the squidgame film, those who made this could really take this momentum right, but unfortunately it was used in a bad way.
fraud with this model will continue to exist and will not end, so we must be careful in choosing a coin, especially in choosing a new coin like this.
it is better to make purchases on coins that have good projects and have good potential in the future.

[josephdd1]

So the question is how people still believe in all that stuff? Easy money is very hard to catch. Especially while there are coins like Cryptonprivacy coin, which gained 50% right after the new listing and gained 50% more in the next 2 days.. People still look for some scams on their own. OMG, will it ever end?

People are inspired by other's success so especially newbies are really willing to invest in new meme coins and trends. They hope that they will also find a new dogecoin so they buy snubbing research. Maybe, it will end, when people become more careful and will investigate projects before investing. There is plenty of information about every project on the Internet but it is still require a lot of time to explore.

[wheelz1200]

I hate to be the voice of reason and honesty.  But whoever put money into squidgame coin probably deserved to lose their money.  That is just a straight greed, gamble play and that's what happens.  Did anyone really expect squid game coin to revolutionize the financial system lol. 😂

[armanhusni]

On Oct. 26 a coin called $SQUID was launched by a group with no affiliation to the creators of the hit Netflix show -- the first red flag. As memecoins sometimes do, it exploded in growth. After listing at 12 cents, on early Monday morning it briefly hit a peak of $2,800.

Then, as memecoins are also known for doing, it all crashed. In an instant, the price fell to one third of one cent, where it remains at time of writing.

So the question is how people still believe in all that stuff? Easy money is very hard to catch. Especially while there are coins like Crypton privacy coin, which gained 50% right after the new listing and gained 50% more in the next 2 days.. People still look for some scams on their own. OMG, will it ever end?

Yeah its make a huge scam I think 2million is huge amount and due to this scam most of the shit coin become affected because many people withdraw thief fund from shit project because they were afraid for thier fund because scam can be occurs any were in any shit and memes project.

[Sethrey]

People are inspired by other's success so especially newbies are really willing to invest in new meme coins and trends. They hope that they will also find a new dogecoin so they buy snubbing research. Maybe, it will end, when people become more careful and will investigate projects before investing. There is plenty of information about every project on the Internet but it is still require a lot of time to explore.

I can't even imagine how can it be done differently, especially in crypto sphere. And I'm intrigued with a new teaser that appeared within the social networks and forums.. Seems that some updates are coming connected to Crypton exchange.. This way of posting pictures without any text is making me crazy