Crypto and Scam: The Squid Game Token Case
The recent squid game token scam has generated a great deal of hype in the cryptocurrency world.
Several months have passed since the success of the Korean series on Netflix and in the last week, a scam that caused thousands of people to lose capital was unmasked.
The data provided by coinmarketcap indicate that the “Squid Game” token had a super “pump” until it reached $ 2800 and then plummeted to $ 0 in the early morning of Monday 1st November.
During the pump period, probably taking advantage of the hype deriving from the Telegram and Reddit series and groups (such as the GameStop case), the market capitalization of the cryptocurrency reached a maximum of 2.2 million dollars.
This once again brings out a hidden world behind the complex world of cryptocurrencies and how easy it is to end up being scammed. After this event, investors noticed how the cryptocurrency’s social profiles were suspended for unusual activities and other inconsistencies emerged both on the telegram groups, the whitepaper itself, and the Twitter account which provided for an anti-dump policy.
How was this possible? What is a Pump / Dump and a Rug Pull?
A pump is a bull market movement that often predicts the world of…
