Cryptocurrency value turns 0 !! Investors loose ₹25 Crore in this cryptocurrency - YP Buzz Crypto

 YP Buzz - 

       The game turned out to be a scam. I’m not talking about the Netflix blockbuster show that had land in it for weeks. I am referring to an anonymous cryptocurrency promoted by the series. The cryptocurrency of squid fell on Monday, but hucksters using the show’s popularity managed to make an estimated $ 3.38 million (approximately Rs 25.3 crore). After reaching a peak of $ 2,861, according to CoinMarketCap, the coin reached only $ 0, and investors lost all their money.


Squid Game

Launched last week amid growing suspicions, the cryptocurrency of Squid Game was simply at the forefront of the world’s most common cryptocurrency theft practice. It's called a "rug pull". That’s when the creators of cryptocurrency issued coins with real money, perhaps when prices reached a high - which was more than 310,000 percent in the case of squid cryptocurrency - leaving almost no money in trading. any additional trade. Therefore, investors do not get to sell their coins.

The Squid Game cryptocurrency was made available for purchase on October 20, allowing investors to purchase a paid token to play an online game, sponsored by a Korean show. The inspiration behind cryptocurrency was very straightforward. Similar to how a few debtors play do-or-die versions of children's games to win money on the Netflix series, investors believe that a similarly structured crypto will earn them more squid tokens.

The most obvious way to know that the cryptocurrency of Squid Game was a scam was its website - The three-week, non-existent website also had system errors and a few strange spellings. Those two were supposed to be red flags for investors now that are left high and dry after the swing. Crypto account accounts have also disappeared instantly. There was also a Telegram channel for Squid traders but we did not allow comment from anyone other than the creators - another red flag.

But the big red flag was when investors began to face the problem of selling their Squid tokens on the platform. With the rise in the value of cryptocurrency last week - not to mention the massive media coverage, doubts that the token could be part of the scam began to deepen. But before they can do anything, the creators take the money out of the market, spend all their money. CoinMarketCap even warned investors about investing in them, telling them to "please be careful and use caution while trading".

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 YP Buzz

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