Crypto Investor Lost $28k as Squid Game Token Crashed to Zero

Many people around the world are well acquainted with the squid game show, which aired on Netflix and became quite the sensation on a global scale. Given the success of the show, there was the squid game token which started trading not so long ago but with a twist. This token was developed by completely random people and developers who had no connection with the official show whatsoever; not only this, but there wasn’t even any affiliation with Netflix for that matter. Long story short, the token continued to increase in value, and the price skyrocketed in a matter of hours.

Given the sudden increase, many investors and traders started to pour money and pump this thing onto the new horizons. When the token was able to confiscate enough investment and people were just so happy given the sudden increase in the value of a token which they had invested in, some ecstatic investors wanted to chip out and therefore cash their tokens. The whole thing was unveiled before themselves as a Ponzi scheme when they heard that the official website of the squid game token had gone offline, and they can’t withdraw their investment just yet.

Squid Game Token was a Scam

At first, it was said that there is some technical difficulty which isn’t allowing people to withdraw their investment; later on, it became apparent that it was an elaborate scam that came raining down on them, and there is nothing they could do about it. One of the investors was a Shanghai-based crypto enthusiast by the name of Bernard; he has requested not to unveil his second name because of the dire conditions which surround crypto trading in China.

He did an initial search on the token using Google, and before coming to the more elaborative data, which suggested that the project might not be legitimate, he deposited his entire life savings of about $28K into the token. When asked why did he invest everything that he had, Bernard said that because of the name Squid game, as the show was quite popular so he thought that the cryptocurrency might become an iconic addition in the crypto space and because he didn’t want to miss this once in a lifetime opportunity.

Leave a Reply

Your email address will not be published.

Related

FTX Launches Stock And ETF Trading Option In The United States 

A prominent cryptocurrency exchange, FTX, is getting into the stock trading business. Soon, its users will be able to trade equities and exchange-traded funds on the platform.  Only A Few Users In The United States To Enjoy The Service  The Wall Street Journal reports that the firm Sam Bankman-Fried helped establish and serve as its […]

Major Australian Bank Shelves Crypto Launch Plan

CBA’s Crypto App Plan As previously mentioned last year, Australia’s biggest bank disclosed plans to let its users carry out crypto-related transactions on its app.  It has been taking its plan to develop the project but as not stated a particular time it will finally launch the project to the public. It also has plans […]

Crypto Investors Suffer from Lingering Fears

The Situation at Hand The drastic drop and decline that befell the digital asset market last few weeks have left a mark on the users and investors of crypto, with crypto coins and other assets experiencing their lowest of lows and even stablecoins being affected, it’s no surprise that both old and new investor is […]

Cardano (ADA) Whales on Panic Selling Mode: Here’s Why

  Cardano’s price appears to hold the line following the 57% slump to $0.384. Nevertheless, the immediate obstacle at $0.677 might limit further recovery by ADA. A daily candle closing beneath $0.397 will annul the already precarious optimistic tale. Cardano sees its price staying well beyond the latest swing low that printed a possible bottom […]

European Regulators Concerned Over Terra Price Crash

The Recent Terra Drop Portrays Private Instruments as Just an Illusion Panetta in a statement noted that recent developments in the crypto industry show that believing in the usage of private instruments as money is just an illusion, since they cannot be exchanged at the same value as public funds at any time. He also […]