A token referred to as SQUID, based upon a supposed play-to-earn video game called after Netflix‘s drama series Squid Game, has actually crashed to near absolutely no after an enormous pump recently. The group behind the token, which raised numerous red flags, is tossing in the towel, stating they are “depressed” and “overwhelmed with tension.”
At 16: 00 UTC on Monday, SQUID was down by 99.99%per information from CoinMarketCap, trading at a cost of USD 0.00317 The 24- hour trading volume exceeded USD 15 m.
The collapse in rate comes as the token’s site, Twitter and Medium accounts have all end up being not available, with Twitter mentioning “uncommon activity” as its factor for limiting the account.
On the job’s Telegram channel, which does not support two-way interaction, the group behind SQUID stated on Monday that “somebody is attempting to hack our task,” which designers do not wish to continue dealing with it as they are “depressed from the fraudsters and is overwhelmed with tension.”
Over the previous week, the squid video game token originated from no place to rise by more than 230,000%in cost. Unfortunately for purchasers, nevertheless, the token was just traded on the PancakeSwap decentralized exchange, where users stated it was difficult to offer the token after having actually purchased it.
Not remarkably, the rate of the token might just move one method – up.
Cryptonews. com reported on the token recently, and alerted readers that the token and the associated video game is likely a rip-off. The caution was based upon several warnings, including what seemed phony employee and phony collaborations noted on its site.
Several mainstream media outlets, nevertheless, did not see the warnings, with for example CNBC being slammed in the neighborhood for stopping working to expose the task as what it truly was:
The double requirements in the mainstream monetary media’s reporting on SQUID was likewise explained by Dominic Frisby, comic, and author of numerous books on bitcoin and economics: