It sure feels great to have a 40.000% ROI, however many users who invested in the Squid Game Token can’t cash out their gains, reporting it as a scam all over the web.
The SQUID token made headlines in various financial and cryptocurrency media around the globe this week. Still, it may not be the miracle everyone was hoping for.
After rising over 110,000% in less than per week, reports of “investors” who’ve been unable to sell their tokens after astronomical gains are beginning to pop up all over the internet.
The token is ranked #2905 among the many cryptocurrencies listed on Coinmarketcap, but the price aggregator itself has already put up a banner warning about the high threat of investing in the token as a result of it might be blocking the posterior sales -something ubiquitous in several crypto scams.
Now we have acquired a number of experiences that customers will not be capable of promote this token in Pancakeswap. Please do your own due diligence and train warning whereas trading! This project, while clearly impressed by the Netflix show of the identical name, is unlikely to be affiliated with the official IP.
Squid Game Token: Too Good To Be True?
SQUID is only a week old. The token took inspiration from the Netflix series “Squid Game” – a present that includes a group of 456 financially broken contestants who face off in childish however lethal games with the purpose of winning a juicy cash prize.
The project promises a type of crypto adaptation for the game, requiring contestants to participate in a number of games earlier than strolling away with a considerable cryptocurrency prize. To take part, every participant needed to pay approximately half a million dollars in charges and take home a significant jackpot in case of being the only winner.
But some individuals simply invested in the token to invest without coming into the game and apparently found it impossible to collect their winnings. The tactic might be a type of anti-dump protection, but the game’s considerably poorly written whitepaper makes no point out of any market management mechanism.
That is simply the validation of a collection of red flags for the project.
As well as, the event team members haven’t any recognized background —and it is onerous to inform whether they actually exist or not.