At this point, nearly everybody in the world has either seen the TV show Squid Game, or they’ve basically known about it. In any case, what many don’t know is that a few people chose to exploit this publicity and make a Squid Game cryptographic money.
However miserable as it seems to be, the Squid Game digital money is a perfect representation of why you ought to remain far away from certain altcoin projects. Albeit this undertaking expanded to nearly $3,000 a coin, it did definitely crash, and left the individuals who contributed with nothing as the engineers vanished.
To get more familiar with why this occurred, and how you can keep away from future digital money tricks, continue perusing, as losing your life reserve funds in a trick altcoin is the last thing that you need to have occur in your life.
Squid game is a Korean activity/dramatization TV show about a lot of individuals (456 to be careful) that end up in gigantic obligation and unfit to get out. A large portion of them have betting issues, however others have issues like chronic drug use or picking some unacceptable way throughout everyday life. Obviously, there are a few characters who are intended to be deliberately reclaiming, for example, Ali, a Pakistan outsider who hasn’t been paid by his bad manager in a half year, or Kang Sae-Byeok who needs cash to safeguard her folks from North Korea after the primary dealers she recruited took her cash.
At any rate, these characters are thrown together in a fight to the demise to see who will get the award cash, 45.6B Won($38 million USD). There are a bunch of games that the champ should go through to win the cash. In any case, past the games, the champ should likewise endure the unfriendly climate of living with different players. This frequently prompts desperate and miserable results.
What is Squid Game Cryptocurrency
The show immediately surprised the world, as individuals ate up many episodes of the series (which was much of the time left as a cliffhanger to captivate watchers). Furthermore, consequently, a gathering chose to exploit the publicity and begin a Squid Game cryptographic money.
Albeit this might sound abnormal, this is exactly the way in which most cryptographic forms of money begin — they are simply individuals with a thought. For this reason it is basic to such an extent that you research any altcoin that you put resources into before you get it, since you truly are putting resources into individuals behind the undertaking. This makes Bitcoin so one of a kind, as there is no maker assuming praise for the task. However, that is another story.
Squid Game digital money, called SQUID, had nothing behind it. In the event that you go to the site and snap on the whitepaper, you will find the whitepaper for Binance Smart Chain, as opposed to a token by the name SQUID. The makers of the coin likewise exist in no web-based domain. This is all awful information for financial backers, as it makes it simple for the makers to dunk from here on out.
The site for SQUID shows that the designers were truly moving with the possibility of the show. They even offered an attracting you could enter to win a similar measure of SQUID as the terrific award of Won in the show. In any case, on the off chance that you look all the more carefully, obviously this token is a joke, as it even says that holders can “quit the game with a half vote” which is a statement from the show however implies literally nothing in the digital money world. One way or the other, SQUID was never a genuine digital money project.
The SQUID Scam
Hence, it ought to shock no one when, on Monday, November first, the worth of the SQUID coin unexpectedly collided with zero as individuals (whom nobody knows) changed out the entirety of the contributed assets and left with an inexact $2.50million USD. This plainly demonstrates that there was no genuine task behind the coin. Before this crash occurred, the coin hit a high of $2,860 on CoinMarketCap. This has left anybody who has put resources into SQUID with literally nothing. One man claims he lost his whole $28,000 in life reserve funds in the coin.
The most effective method to Avoid Altcoin Scams
However miserable as this story may be, it is quite normal in the altcoin world, which is the reason you MUST research any venture you mean to put resources into. The following are a few hints of different things you ought to look for to assist you with trying not to be defrauded like the people who put resources into SQUID.
This doesn’t mean you do one Google search and check a solitary site out. You ought to take a gander at different reports, as well as the undertaking site. Investigate the whitepaper, check whether it is genuine. You ought to likewise look into the makers of the coin via online entertainment. In the event that a coin is deficient with regards to these things, run!
Rome wasn’t implicit a day, and any practical altcoin will not be by the same token. Assuming the coin is going up in an orderly fashion, just up, with no regular levels or descending development, this is an indication that something more evil is occurring in the background.
There are numerous digital forms of money, like Bitcoin, and Ethereum, which are up more than 1000%. In any case, recall, this occurred after a long time of it being accessible. In spite of the fact that individuals need to accept that digital forms of money are a pyramid scheme, they are not. In this manner you ought to watch the movement of any coin you are keen on. Assuming that it is going up 1,000 percent in a solitary day, this is an indication that something is off.
Generally, the SQUID disaster might have been stayed away from had the financial backers investigated the coin a piece before they started purchasing — all things considered, there truly was nothing behind the coin. However miserable as it could be for individuals that have lost everything, this is a typical event in the digital currency world, and precisely what financial backers ought to be careful about before they start putting their cash in any undertaking.