THELOGICALINDIAN - The absorbed Binance Smart Chain activity aggressive by Squid Game has been alone afterwards its aggregation awash off the badge accumulation
The Binance Smart Chain activity has plummeted to about aught in the latest DeFi rug cull on investors.
Investors Scammed by Squid Game Token
Squid Game, a Binance Smart Chain activity aggressive by the hit Netflix appearance of the aforementioned name, has crashed. The project’s own aggregation acquired the blast by removing about all of the clamminess from its pools on decentralized exchanges.
The activity launched alone aftermost anniversary and acquired absorption by leveraging the acceptance of the Netflix appearance Squid Game. The project’s founders, whose identities are unknown, launched a badge alleged SQUID on Binance Smart Chain. The badge was accessible to buy on the decentralized marketplaces PancakeSwap and DODO. It rallied over 300,000% in beneath than a week, but several signs hinted that it could be a scam.
Squid Game launched a aeon of aberration for alleged “meme coins,” with several dog-themed tokens like Shiba Inu and Floki Inu additionally ambulatory in the aforementioned week. Though the activity had no official affiliation to the Netflix series, it bent the absorption of abounding boilerplate media outlets due to its theme, which acceptable acted as a agitator for the token’s rise.
According to data from CoinMarketCap, SQUID traded at $0.012 on Oct. 26 and briefly hit an best aerial of $2,856 today.
The acute bang in SQUID’s amount was helped in no baby allotment by the project’s “anti-dump mechanism,” which was absorbed to the SQUID token’s acute contract. This apparatus accustomed investors to buy tokens but prevented them from selling.
Earlier today, the aggregation awash the circulating accumulation of SQUID tokens through PancakeSwap and DODO, arch the amount to abatement by added than 99.99%. Following the incident, the project’s official website went down, while Twitter belted its annual due to “unusual activity.”
In a Telegram update, the aggregation claimed that addition was “trying to hack” their Twitter annual as able-bodied as their token’s acute contract. It again appear its abandonment from the project. A bulletin read:
“Squid Game Dev does not appetite to abide active the activity as we are depressed from the scammers and are afflicted with stress.”
Onlookers in the crypto association accept accomplished the cessation that the aggregation accomplished a rug pull, artifice investors into affairs the badge again removing all of the clamminess by affairs it on the accessible market. The aggregation fabricated aloof beneath $12 actor from the sale.
The adventure sheds ablaze on how advertising can drive users to advance in arguable cryptocurrency projects after appliance attention or due diligence. This accurate activity acclimated Squid Game’s success to butt investors, and abounding disregarded its “anti-dump mechanism” alike admitting it was appear in the whitepaper.
Squid Game joins a continued account of added notable avenue scams on Binance Smart Chain and added blockchains. TurtleDex, Luna Yield, and PolyWhale are aloof some examples of crypto projects that accept met a agnate fate in contempo months.
