YEREVAN (CoinChapter.com) – Squid Game, the series-based crypto project that scammed investors for millions in November 2021, is back. The return was timed perfectly, with Netflix announcing the release of the show’s second season. However, traders should exercise caution.
Squid Game, a giant red flag
In detail, as the Korean Netflix series exploded in 2021, so did the merchandise and games not affiliated with the project and a new altcoin.
Given the series’ success, the SQUID token gained popularity after its launch on October 20, jumping 310,000% in the next eleven days while leaving “naive” investors with nothing. Instead, the culprits scammed them for over $3 million.
After the rug pull, the SQUID token managed to survive, logging another 400% gain. The token charted at an all-time high of $2,800 on Nov 1, but minutes after, SQUID crashed by more than 99% to an all-time low of $0.0007926.
Also read: Pump and kill? Squid Game-inspired crypto scam steals over $3M from investors
While the play-to-earn platform was exposed as a scam, another team of developers apparently decided to pull off a comeback dedicated to the show’s second seasons. However, as the original team was anonymous, there is no way to tell if the leaders changed at all.
Deadly scam 2.0
The new team claims they have nothing to do with the old team and scammers that founded Squid Game 1.0. Meanwhile, the new team emphasizes the project’s newly-found “decentralization” as a guarantee of trustworthiness.
How you’re protected? You are protected because SQUID GAME is decentralized. In cryptocurrency, decentralized refers to the ability for people to interfere with different aspects of a project. For example: Withdrawing liquidity, manipulating distribution of $SQUID tokens, etc.
asserted the new team.
The team also claimed that another rug pull “cannot occur” because Binance “blacklisted all developer wallets and has decentralized the coin.”
Also read: Scam token SQUID survives deadly drop as price rebounds over 400% in a day.
However, the assessment rings hollow, as 24.5% of the asset’s 100 billion supply currently sits in one wallet, trumping the “decentralization” claims.
Moreover, crypto tracker CoinMarketCap issued a warning against the project, stating that the team can “modify” the asset at any moment.
Squid Game 2.0 old contract has been updated to a new one. Smart contract of the following asset can be modified by the contract creator (for example: disable selling, change fees, mint new tokens, or transfer tokens). Please exercise caution before taking any action and always DYOR.
commented CMC
Also read: United Investors Group International (UIGI) – scam or legit?
On July 22, Squid Game 2.0 price stood at $0.00000099.
