Before the digital asset system was regulated correctly, many tokens came with different whitepapers and promises that never saw the light of the day.
However, some people found it suspicious that a token would promise attractive rewards. SQUID Token crashing from +$500 to a few cents – coinmarketcap The paper assured that the more the people who buy the token, the larger the pool will be, a significant part of a Ponzi scheme. However, when a whitepaper sounds too good to be true, it is probably too good to be true. Teams create whitepapers to inform interested investors of their plans in the coming months or years. A number of notable publications, including BBC, Insider, and CNBC have reported on this token with little to no skepticism.One of the major red flags for the Squid token was the unrealistic whitepaper. Gizmodo’s investigation focuses on SQUID that token’s official site can be found here. Every post is restricted to not allow replies. Neither of SQUID’s official social media channels - there’s a Telegram group and a Twitter account - allow comments. There is no evidence that this game, which seems central to the token, will ever exist. One section of the site is dedicated to some sort of game that’s ostensibly in the works, whereby anyone will be able to “win” SQUID tokens by playing. Take, for example, the site’s large banner claiming “Elon Musk Shilled For Squid Game, $SQUID To The Moon.” The banner links to a tweet where Elon simply mentions Squid Game. Please do your own due diligence and exercise caution while trading! This project, while clearly inspired by the Netflix show of the same name, is unlikely to be affiliated with the official IP.Īnd some other bright red flags - The currency’s website is just absolutely flooded with oddities and warning signs. In fact, CoinMarketCap has even gone as far as to add a warning to the top of the SQUID trading page: We have received multiple reports that users are not able to sell this token in Pancakeswap. PancakeSwap doesn’t guarantee anything about your transaction will be legitimate. Anyone can create and distribute a new cryptocurrency on PancakeSwap.īecause it’s so easy to use, though, the site is also very susceptible to scams. SQUID is being traded via a platform called PancakeSwap, which is basically like an indie version of the mainstream trading sites more people are familiar with. That makes buying it a little trickier - and far more dangerous. As a new, unverified cryptocurrency, most big-name sites like Coinbase won’t touch something like SQUID. Pancake Flop - Gizmodo’s deep dive focuses on a token simply going by “Squid Game,” which uses the trading symbol SQUID. By that, we mean that, in the course of writing this piece, we found there are actually two cryptocurrencies using Squid Game as their namesake, both with very similar play-to-earn premises - both almost certainly scams.
It’s easy enough to buy SQUID, but, as Gizmodo points out, selling it is impossible.Īnd um, okay, actually, it looks like there may be more than one problem. The only problem: As far as we can tell, there’s no way to actually cash in on those profits.
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