The controversial Squid Game crypto has crashed to $0 after soaring over 90,000% last week. The founders of SQUID vanished yesterday with about $4.3 million of funds invested by users – leading to a 99% flash crash within minutes. According to Coinmarketcap, just before the crash, price first spiked to a high of $2,861 before plummeting to $0.0008 in five minutes.
SQUID debuted in the crypto marketplace on October 20th as a play-to-earn token taking inspiration from the hit Netflix TV series. The digital currency sold out in seconds with an entry amount of 456 SQUID. In addition, players could accumulate the token by playing six games on the platform.
Users recently realized that they could not cash in on their earnings or further trade it. The Pancakeswap exchange that listed SQUID was not permitting players to withdraw. Even the coin’s social media accounts on Telegram and Twitter that supposedly offered service support, closed off to outside comments. It was during this period that the SQUID creators cashed out the locked funds for real money and seemingly absconded. Furthermore, they also shut down the token’s website as well as its social media accounts.
Coinmarketcap had earlier put out a disclaimer on SQUID warning users of the high risks involved in investing in it. Part of the statement read:
“We have received multiple reports that the website and socials are no longer functional & the users are not able to sell this token in Pancakeswap. Please do your due diligence and exercise extreme caution.”
Image Credits: Pixabay
