Friday, December 17, 2021

‘Squid Game’ cryptocurrency plummets nearly 100% in scam attack

Must read

Better.com CEO to take leave of absence after Zoom layoff disaster

Better.com Chief Executive Officer Vishal Garg is taking time off effective immediately, Vice reported on Friday, citing an email from the digital mortgage company’s...

J.K. Rowling fuels idea that ‘trans women are predators’ in latest tweet

J.K. Rowling is being slammed by transgender activists — again — after criticizing the Scottish police for saying they'd allow rape suspects to...

Class-action lawsuit claims Apple Watch poses ‘slice’ risk

The Apple Watch can leave consumers with serious injuries, according to a class-action lawsuit. One man claims his forearm was “severely sliced” by...

Ryan Reynolds explains Peloton ad with Chris Noth

Warning: This article contains major spoilers about And Just Like That... , the Sex and the City revival. If you haven't watched the...

[ad_1]

The price of a new cryptocurrency inspired by the hit Netflix series “Squid Game” has collapsed in value in an apparent scam after skyrocketing more than 300,000 percent in its first week of trading.

As of 11:30 a.m. ET, the value of the Squid Game coin had collapsed 99.99 percent to a paltry $0.026 per coin, down from $2,856.64 per coin at one point on Sunday, according to data from CoinMarketCap.

In a major red flag, the site issued a warning to investors that holders of the coin aren’t able to sell it on Pancakeswap, a popular decentralized exchange.

“We have received multiple reports that the website and socials are no longer functional & the users are not able to sell this token in Pancakeswap,” CoinMarketCap said.

“Please do your own due diligence and exercise extreme caution. This project, while clearly inspired by the Netflix show of the same name, is not affiliated with the official IP.”

The site had warned since the crypto began trading that at least some users were unable to sell it, but the developers of the project said that was by design as part of an “anti-dump mechanism.”

The value of the Netflix-inspired cryptocurrency plummeted when Twitter flagged something on the currency's account.
The value of the Netflix-inspired cryptocurrency plummeted when Twitter flagged something on the currency’s account.

In another red flag tied to the crypto, the now-deleted white paper for the project included grammatical errors.

The collapse in value of the crypto came hours after Twitter flagged accounts associated with the crypto as suspicious and restricted access to them.

“Caution: This account is temporarily restricted,” Twitter warns users when they try to access any of the accounts associated with the crypto, which was purportedly meant to be used in a virtual game mimicking its namesake show.

Initial reports said that the cryptocurrency skyrocketed to more than 300,000 percent in its first week of trading.
Initial reports said that the cryptocurrency skyrocketed to more than 300,000 percent in its first week of trading.

Since Twitter began flagging the accounts, the developers of the crypto also deleted a white paper that was associated with it, as well as a website on which it was selling non-fungible tokens, or NFTs, also associated with the game.

It’s not clear exactly what happened to the crypto, but traders speculated on social media that it was a classic so-called rug-pull scam in which the developers of a crypto abandon the project and steal the funds invested in it.

According to CoinDesk, the developers behind the project said Monday on their official Telegram channel that they didn’t want to continue running the project due to the stress of dealing with hackers.

“Someone is trying to hack our project these days. Not only the twitter account @GoGoSquidGame but also our smart contract. We are trying to protect it but the price is still abnormal. Squid Game Dev does not want to continue running the project as we are depressed from the scammers and is overwhelmed with stress [sic]. We have to remove all the restrictions and the transaction rules of Squid Game. Squid Game will enter a new stage of community autonomy,” the project reportedly said.

Gizmodo reported that the developers likely made off with an estimated $2.1 million.

The rapid ascent and sudden collapse of the digital token underscores the risks associated with small-cap cryptocurrencies, which are still largely unregulated.

Twitter flagged the account and restricted its operations pending an investigation.
Twitter flagged the account and restricted its operations pending an investigation.
Twitter

It’s also part of a recent trend in which developers tap into cultural sensations like popular TV shows to boost the recognition of their crypto projects, regardless of their legitimacy.



[ad_2]

Source link

- Advertisement -

More articles

- Advertisement -

Latest article

Better.com CEO to take leave of absence after Zoom layoff disaster

Better.com Chief Executive Officer Vishal Garg is taking time off effective immediately, Vice reported on Friday, citing an email from the digital mortgage company’s...

J.K. Rowling fuels idea that ‘trans women are predators’ in latest tweet

J.K. Rowling is being slammed by transgender activists — again — after criticizing the Scottish police for saying they'd allow rape suspects to...

Class-action lawsuit claims Apple Watch poses ‘slice’ risk

The Apple Watch can leave consumers with serious injuries, according to a class-action lawsuit. One man claims his forearm was “severely sliced” by...

Ryan Reynolds explains Peloton ad with Chris Noth

Warning: This article contains major spoilers about And Just Like That... , the Sex and the City revival. If you haven't watched the...

Keeper finds ‘Candyman’-esque beehive from hell in bathroom

This story is worth all the buzz. A Florida bee removal expert sent entomophobes’ skin crawling after she discovered a bee-hemoth 7-foot-tall hive behind...