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Squid game token crashes; Developers say they left the project

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The latest crypto project inspired by Netflix's Squid game has been dropped as the prices hit zero.

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The developers behind the crypto project, which was inspired by the mega-popular Netflix show "Squid Game," said they left the project after the price of the linked token dropped to nearly zero.

Recent developments show how risky it is to invest in a new and widely used token in the crypto market. As announced last week, the crypto project to win the Squid Game immediately gained popularity and the SQUID token grew by more than 35,000% in just three days - despite some caveats, including grammatical and spelling errors in the project's white paper and the fact that the project's website registered less than a month ago.

At the time of publication, the project's official website and medium account were inactive, and Twitter temporarily restricted its account after discovering "unusual activity". Monday morning, Twitter user @__trickck noticed that the Squid Game Project developer had "pulled the carpet" for SQUID owners. Cryptocurrency payments occur when the project developer withdraws investor funds.

Data from BscScan shows that addresses marked "suspected to be involved in carpet cleaning" on the website have dumped SQUID tokens in exchange for millions of dollars’ worth of BNB tokens. BNB is the natural token for the Binance Smart Chain. CoinMarketCap data shows the price of SQUID has fallen nearly 99.99% to $0.002541 in the last 24 hours. Trading volume increased by more than 130% over the same period, indicating enormous selling pressure.

The token is only available for trading on the decentralized PancakeSwap and DODO exchanges, both of which are based on the Binance Smart Chain. On Monday, the project announced on its official channel on Telegram that its developers no longer want to implement the project due to the pressure of working with scammers.

"Someone tried to hack our project recently. Not only Twitter account @GoGoSquidGame, but also our smart contract. We tried to protect it, but the price is still not normal. Squid Game Dev doesn't want to continue the project since We are pressured and overwhelmed by scammers [sic ] We need to lift all restrictions and rules on Game Squid transactions. "Game Squid is about to enter a new phase of community autonomy," he wrote.

Squid Game isn't the only crypto project "inspired" by the popular Netflix show, but none of them are officially related to South Korean survival dramas. The prices of other tokens associated with the show, including squid game logs, squid game tokens, squid anomics, and international squid games, have also been very red in the last 24 hours, according to CoinMarketCap.

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