The ‘plain as day’ red flags that you missed about Squid Game

Token Squid Game entered the cryptocurrency field as a “fireball” and took thousands of investors on a roller coaster ride before disappearing and sending the entire industry into turmoil.

To understand what happened, researcher Max Maher cited all the red flags investors missed.

In the era of Shiba Inu’s rapid growth and the success of play-to-earn games like Axie Infinity, the original Netflix show-inspired Squid Game (SQUID) token looks like another wacky competitor. In the end, many investors had their worst nightmares after a carpet pull that left them facing staggering losses.

Maher summed up the damage:

“It’s more than clear at this point that they [developers] just abandoned ship with millions of dollars, meaning at least 36,000 people fell victim to this scam. So how much money did the scammers make? Well, we don’t know the exact numbers. We do know that they made away with at least several million dollars.”

Furthermore, he criticized the way mainstream media like BBC reported on SQUID’s shocking price rise and called the game “play-to-earn” even though it cited CoinMarketCap’s warning and how people cannot withdraw money.

SQUID

Source: BBC

Red flag missed

Maher listed a number of warning signs that he feels investors should have pulled out of quickly. These include the short uptime of the Squid Game website, poor website design, grammatical errors in the whitepaper, little evidence of gameplay, limited SQUID token sales, and communication restrictions on other sites. social media channels.

SQUID

Source: ICANN Lookup

Maher also stated that he found very little reasonable information about the developers.

“Any legitimate project would not intentionally restrict the selling of a token. Simple as that. If you’re not 100% sure you can sell, don’t buy”.

It is important to note that at the time of writing, BscScan classified the Squid Game as a heist.

SQUID

Source: BscScan

Since the SQUID token works on Binance Smart Chain, CEO Changpeng Zhao shared some investment advice: “Don’t FOMO, please.”

It seems that the play is not over as journalist Colin Wu implied that Chinese crypto users are also FOMOing about the game.

At the time of writing, the price of SQUID spiked 74.03% in 24 hours to reach $0.499. At its peak, the token was worth around $2,860.

Source: Coinmarketcap

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