A new token inspired by the popular Netflix show. Squid have aware A 45,000% growth in a few days after launch earlier this week, but several investors are reportedly unable to sell the token.
The crypto community has been accusing the Squid Game (SQUID) token of being a scam amid reports that some investors are unable to withdraw the token on major decentralized exchange PancakeSwap.
โWe have received multiple reports that users are unable to sell this token on Pancakeswap. Be careful when trading โ, the leading cryptocurrency tracking website CoinMarketCap indicated in a warning about the SQUID token on their website.
According to CMC, PancakeSwap is the only marketplace available to trade SQUID at the time of writing. The token is trading at $ 5.71 and is among the best winners at CMC, with a daily trading volume of $ 7 million.
Amid the mind-blowing growth of SQUID, coupled with reports of the inability to sell the token, some enthusiasts in the crypto community have argued that the new coin is likely a scam scheme.
Twitter user Crypto Tyrion observed that the Squid Game token founders, who are mentioned on their website, they are not on LinkedIn's main professional network. He also emphasized that the Squid Game token was blocking tweet comments while it did not have the Telegram and Discord channels. "100% carpet pull," Crypto Tyrion said.
Closed Telegram group: โโโโ
Closed Discord: โโโโ
Comments on blocked Tweets: โโโโ
Without Linkedin founder: โโโโ
CNBC article to pump: โโโโCONFIRMED SCAM@IncomeSharks @jaynemesis
- Crypto Tyrion (@Cryptotyrion) October 29, 2021
Some observers too he pointed apparent problems in the Squid Game tab White paper, including grammatical and spelling errors, and statements that are "unverifiable." According to popular scam verification source Scamadviser.com, the Squid Game token website is suspicious with a confidence score 45 out of 100.
Related: YouTube Channels Hacked And Renamed By Live Streaming Crypto Scams
The Squid Game token idea is inspired by the eponymous Netflix show, where gamers risk their lives to play deadly games in hopes of getting a big payout. The token is said to allow players to participate in six games online, with the goal of winning cash prizes.
On Friday, CMC issued a post noting that the SQUID rally may mean that playing the Squid Game described in the project whitepaper may be unaffordable for most participants due to SQUID's participation requirements. As such, the sixth and final game would require players to have 15,000 SQUIDs, which is over $ 80,000 at the time of writing.
Publications, such as CNBC, reported that the Squid Game white paper mentions "anti-dumping technology" that prevents people from selling their coins.
โSQUID's liquidity will be locked for three years at DxSale, preventing any immediate and invisible changes in SQUID's liquidity pool. The unlocking date is October 20, 2024 โ, the technical document reads.
Cointelegraph reached out via contact information listed on the Squid Game website with additional inquiries, but did not immediately receive a response.
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