Squid Game crypto token collapses, website disappears in apparent scam

Inspired by Netflix’s popular show Squid Game, cryptocurrency token Squid was on a continual rise since its launch.

However, the value of a coin inspired by the popular show collapsed within two weeks after investors began buying the tokens.

Having jumped more than 310,000 per cent in value as of Sunday night, the Squid token plunged in value after Twitter flagged the cryptocurrency’s account for ‘suspicious activity’.

The crypto coin was trading at $2.85 with a market capitalisation of over $175 million right before its collapse. The coin surged continually in the past week to become one of the hot tokens among traders.

Now, the value of the token has dropped and its website and social accounts have suddenly disappeared, along with a white paper describing Squid.

Launched on October 20, the cryptocurrency was said to be a pay-to-play token to play an online game.

In the description of how the ‘Game’ worked, Squid token website had explained, ‘you have to do is participate in the presale, the top 10 presale holders (based on the amount of holdings) will be given VIP entrance to our game application.

The Squid Token application will have a prize pool, the prize pool will be 2% of the amount raised on the presale and 10 of you will be able to participate in the games in the application and 3 of you will split the prize pool. All you have to do is play and survive.”

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