Squid Game (SQUID)

What Is Squid Game (SQUID)?

Squid Game was a meme coin on Binance Smart Chain (BSC) that was based on the popular eponymous Netflix series.
The token launched with a promise of a play-to-earn game inspired by the TV hit.
After launching at a price of $0.01, the value of SQUID increased exponentially and hit $4.42 only three days later. Even though the price kept increasing at spectacular rates, or maybe precisely because of that, reports that SQUID tokens were hard to sell on PancakeSwap were ignored.

On November 1, the price of SQUID went parabolic and topped at an incredible $2861.80, spurred on by the “anti-dumping mechanism” of the token. Only minutes later, the anonymous developers rug-pulled and left token holders holding the proverbial bag, as SQUID was worth a mere $0.0007926 — losing virtually all of its value.
Source: CoinMarketCap

About Crypto Currency Scams

Rug Pulling

With the recent Crypto Currency boom, investors have been looking for a quick and easy way to make money.
Additionally, Crytpo Currencies are begining to be treated less and less like a technology, and are now practically considered and treated as stocks.
This is particularly dangerous as, unlike stocks, crytpo currencies have close to ZERO regulations. This effectively means that anyone can start a crypto currency (given the suffcient experience).

As is the case of SQUID, investors did not look into the inner-workings of the coin, and instead just assumed it to be safe.
This allowed the creators to do what is called a "Rug Pull", effectively taking all the money and removing all liquidity for that coin.
This could strickingly be seen through the massive plunge in the price of SQUID which took place over the span of minutes, leading investors to lose all of their invested money/ The creators of this token are still not known and it is estimated they have stollen around $2.1 million.
This technique is one of many used in crypto currency scams.

Imposter Websites

There's a surprising number of websites that have been set up to resemble original, valid startup companies.
Even if the site looks identical to the one you think you're visiting, you may find yourself directed to another platform for payment.
For example, you click on a link that looks like a legitimate site, but attackers have created a fake URL with a zero in it instead of a letter ‘o’. That platform, of course, isn't taking you to the cryptocurrency investment that you've already researched.
To avoid this, carefully type the exact URL into your browser.
Double check it, too.
To illustrate this, here is a popular trading platform called PancakeSwap:
The valid URL: Real PancakeSwap
One example of a fake URL: Fake PancakeSwap

These fake websites often appear before the real ones as they pay to be at the top of search results.

This technique is also often combined with scam emails claiming that you have won a prize and that you need to log on (to the fake website) in order to claim your reward.
This is obviously done in an attempt to steal your password and ultimately your crypto investements.