The Squid Sport cryptocurrency has a winner, and it’s not your favourite character. After the token jumped 310,000% in lower than two weeks, its nameless creators have liquidated their shares, making off with an estimated $2.1 million in an obvious rip-off.
The cryptocurrency, known as SQUID, was price $0.012 final Tuesday. By Friday, the coin had skyrocketed in value and was broadly lined within the media for its large positive aspects and (unofficial) tie to the wildly fashionable Netflix collection. The token’s worth peaked Sunday night time at $2,861.80 earlier than dropping 100% as of Monday to round half a cent.
SQUID popped onto the scene on October 20, purporting to be a pay-to-earn foreign money for an upcoming on-line recreation based mostly on Squid Sport. However, as Gizmodo factors out, there have been a number of crimson flags:
🚩 The coin’s web site was stuffed with spelling and grammatical errors.
🚩 The Twitter account didn’t permit replies to posts.
🚩 Buyers have been unable to promote their cash.
Why take the chance? Have you ever watched the present? Memecoins like dogecoin and shiba inu that went parabolic have made millionaires of early traders. However the SQUID episode exhibits how these speculative investments can fall simply as laborious.—MK
