Millions of dollars vanished in a matter of minute after investors plied a new Cryptocurrency inspired by 'sqid game" a popular Netflix series, only to watch its value plunge to nearly zero in a matter if few minutes.
The Cryptocurrency called Squid started trading last week at a price of one penny per token. In the following days it drew the number of mainstream media outlets, by monday it was trading at $38 a token on a Cryptocurrency exchange called "Pancakeswap".
Squid later went on a roller-coaster ride in a 10 minute span later on monday the token grew ftom $628.33 to $2856.65 according to coinmarketcap,a crytodata tracking website, Then 5minutes, it later traded at $0.0007.
More than 40,000 people still held the cash,afterwards after the crash according to "bscscan",A blockchain research engine and anlytic platform. One of those was John lee ,30 of Manila, Philippines who said he had spent $1000 on the squid token, thinking "somehow instinctively" that the token had been authorized by Netflix show.
Lee said he was surprised when he lernt that he was not able to trade the token immediately and that he can sell the token now and be left with almost nothing.
A spokesperson for Netflix "Sharon chan declined the comment and stated that, The reason behind squid collapse,reported earlier by Gizmodo was not clear, Neither were the identity of the creators and its website appears to have been taken offline while an email sent to its developers bounced back. Its social media channel appeared to have been shut down and its Twitter account is not receiving any direct messages.
The amount of money invested and lost in the token is difficult to quantify,But Bscscan addresses two crypto addresses as being associated with what is called "rug pull " of squid, one of them swapped $3.38millon worth of Squid into a popular crypto called BNB.the Bscscan page showed that to complete transaction both accounts used Tornado cash which is a 'coin mixer' or a software company that serves as a middleman between parties and makes it hard to trace.
Zuckerman said; anyone can make up the name of any Cryptocurrency, she said u could make up a "Madmen token" or a "successor token". Therefore it is really important to make your own research.
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From @sweetguide