Squid game token continues to surge amid scam suspicions

A new entry into the crypto market, the squid game token (SQUID), has grown by more than 60,000%, but investors are having difficulties swapping the coin, sparking suspicions of foul play.

Inspired by the famous Korean Netflix show Squid Game, the token attracted much buzz and positive sentiments from investors in the last few days. 

This fueled the pump and helped the coin reach its current trading price of $11.54 (at press time). According to CoinMarket data.

Reports of users being unable to sell the tokens have raised concerns amongst investors and other crypto enthusiasts.

One Twitter user, @Cryptotyrion, quickly pointed out that founders of the Squid Game token have no presence on LinkedIn, a social platform for professionals.

Closed Telegram group: ❌❌❌❌

Closed discord: ❌❌❌❌

Blocked Tweets comments: ❌❌❌❌

No founder Linkedin: ❌❌❌❌

CNBC article to pump: ❌❌❌❌

CONFIRMED SCAM@IncomeSharks @jaynemesis

— Crypto Tyrion (@Cryptotyrion) October 29, 2021

Squid Game token scam – the rug writing was always on the wall

Squid game token

Tech and science fiction news platform Gizmodo accentuated more red flags and even called out the British Broadcasting Corporation (BBC) and Business Insider for “uncritically” covering the token.

Other highlighted sore points include an error-ridden white paper filled with unverifiable statements.

Also, the token’s website was launched less than a month ago, and the social media accounts do not allow comments from nonnatives.

“We have received multiple reports that the users are not able to sell this token in PancakeSwap. Please exercise caution while trading,” Crypto tracking website CoinMarketCap (CMC) said.

Multiple credible crypto news platforms have reportedly tried to reach out to the pioneers of the Squid Game token, but so far, there has been no response.

NEXT: India likely to choose crypto regulation over an outright ban

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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