Squid Game Crypto Scammers Make Off With $2.5 Million

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The popular movie squid game which was the talk about for weeks, which was also a hit on Netflix and number 1 movie for days in many countries. Also it was used to create a lot of meme contents, short clips funny videos mostly and trends on social media.

Recently some groups of developers including the founders preyed on peoples love for the movie and popularity to scam people off their hard earn money on a play-to-earn digital token game.

According to Forbes on October 29th “A new play-to-earn digital token, Squid Game, which is seeking to cash in on the popularity of Netflix’s mega-hit Korean survival drama, has risen 62,833% since Tuesday to $7.54 Friday morning, with a 253.89% gain over the past 24 hours, according to CoinMarketCap.”

The token was said to be used for an online game that was supposed to launch this month, but I doubt due to the fact that it was reported earlier today that the project was a scam and the coin crashed by 99.99% after investors have invested huge amount of money and the coin went up as high as 300,000%.

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Before the launch there was so many red flags, users noticed some of the project's whitepaper which includes;

Grammatical and spelling errors.

The founders had no social media profiles on any social media.

SQUID’s Telegram channel, set up by the unknown scammers, didn’t allow comments from outsiders.

The Twitter account made it impossible for anyone to reply to posts.

The biggest red flag was that no one who purchased the coin was able to sell.

The value of crypto coins that was stolen was about $2.5 million, with this fraudulent act investors will be wary from new coins entry the market and this might decrease buying rate on trusted tokens.

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