$3,3 million was stolen from victims by cryptocurrency scam artists using the Squid Game

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Image: Netflix

techno.rentetan.com – Mass media sources were complacent in their coverage of the SQUID currency fraud. Officially, unknown scammers behind the Squid Game cryptocurrency have stolen $3.38 million from the enterprise. Remember Gizmodo’s warning on Friday morning that this was a clear scam? Investors could buy the bitcoin but not sell it, so it was evident. However, a large number of people missed the alert since it was delivered late.

According to CoinMarketCap, the SQUID coin peaked at $2,861 before falling to $0 at 5:40 a.m. ET. This type of theft, known by crypto investors as a “rug pull,” occurs when the producers of the crypto hastily cash out their coins for real money, depleting the exchange’s liquidity pool.

Despite its recent introduction, there were several red flags around the SQUID cryptocurrency, including a three-week-old website that included numerous strange spelling and grammatical problems. The SquidGame.cash-hosted website and all of the fraudsters’ social media accounts have vanished. Here is a link to a previous version of the website.

Also, the Telegram channel set up by the mysterious fraudsters for SQUID didn’t allow comments from outsiders, which raised suspicions. In addition, the Twitter account rendered it hard for users to respond to messages that were posted there.

The biggest red signal, however, was the fact that no one who bought the currency could sell it. But it didn’t stop major media sources like the BBC from publishing stories on how the price of the new Squid Game cryptocurrency had risen by 83,000 percent in just a few days.

Scammers love to use popular culture to garner media attention, and this is no exception. Mando, a cryptocurrency that exploited imagery from Disney+’s Mandalorian TV show—without permission from Disney—performed a similar rug-pull earlier this year.

Is this a sign that bitcoin investors have finally learnt their lesson and will no longer put their money into questionable projects? Something tells me this is improbable. People who want to develop a fictitious coin have an advantage in the crypto sector since it is nearly impossible to tell which ones are fraudsters and which ones are sincere in their attempts to do so.

The price of SQUID cryptocurrency plunging to $0 on Monday morning after the crypto developers pulled out their entire interest.
Screenshot: CoinMarketCap

There’s a reason governments have used conventional cash for so long. There are few organizations outside of government that can offer credibility to something as vital as a currency, and everyone in a particular society must agree that it has value. Even if libertarians will have you believe otherwise, we’ll have to disagree on this point.

If that’s the case, can you still earn money trading crypto? There are obviously a lot of individuals making actual money in the crypto sector by selling “popular” currencies like bitcoin or even smaller tokens like Shiba Inu, whose price has just risen dramatically. However, just because it’s profitable now doesn’t indicate it will be for the foreseeable future. People need to believe in cryptocurrency for it to survive. These feelings might shift from day to day, of course.

When it comes to purchasing bitcoin, the price isn’t always the most crucial factor to keep an eye on. To begin, determine whether or not you can resell the coin that you purchased. If you can’t sell—as the investors in SQUID discovered—it doesn’t matter how high the price gets, just as it doesn’t matter how huge a number someone puts on Monopoly dollars.

It’s only worth what someone else is prepared to pay for it in crypto money. And if the regulations state that you aren’t allowed to sell at all, you’ve been duped. I’m sorry to those who were offended.