squid game project
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About
The launch of the Squid Game Project came just a couple weeks after the immensely popular Korean Netflix series of the same name premiered in mid-September last year (without any actual affiliation with the show or its creators). An accompanying whitepaper outlined the concept as a “crypto play to earn platform” that revolved around a game similar to the one at the center of the series.
Threat
The SQUID token was launched on Oct. 26 2021, and for a brief time investors were not disappointed. They watched the price of $SQUID soar from less than $0. 02 to a peak of over $2,860 over a short period. The same day as it peaked, $SQUID was trading at less than a cent after its founders abruptly sold off their holdings and abandoned the project. The founders of the project were estimated to have made over $3 million from the sale of their tokens. At least 40,000 investors that still held the token at the time of the crash were left in the dust in a textbook example of a “pull the rug” scheme.
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