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Cryptocurrency Scam: Did The Squid Digital Currency Actually Fall or Were Events Manipulated?

Everyone has seen the Squid game series, and it has been one of the most popular ones when it comes to Netflix. It has been extremely popular that when someone launched a cryptocurrency under its name, everyone went crazy and invested in the fake promises. This case study is about a scam scandal right after the popularity of the Netflix series squid game involving the squid game cryptocurrency token/coin.

Squid Game Scam

In late October, a cryptocurrency named squid coin was launched on the digital wallet servers with an initial cost of around $600 something, and late by Monday, it skyrocketed to $2860 something. Everything was going fine until the worst thing happened, and that was the scam scandal. So let’s see what challenges did the investors face and what were solutions they came up with, and the results that are being expected.

Scammers took home a record $14 billion in cryptocurrency in 2021, thanks in large part to the rise of decentralized finance (DeFi) platforms

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If you are someone who’s interested in Cryptocurrency, then you’re definitely at the right place. We can give you the best practices in identifying red flags as well as help you in recovering your stolen money from scammers!

Table of Contents

A Security Breach Leading to The Squid Cryptocurrency Scam Scandal

digital codes

After being attacked by scammers in the past many times, the PancakeSwap has increased its security, and even with that, they faced a huge squid game crypto currency scandal. Coming back as a solid cryptocurrency platform was hard for PancakeSwap, and these continuous scams were taking a toll on the crypto world. Multiple strategies and efforts are needed to prevent such scams from happening again.

43,000 People Invested in This Digital Currency

The squid coin was plunged down to zero dollars after the scam was confirmed, and the CoinMarketCap started to take action and analyze the situation more properly. Even before confirming this cryptocurrency scam, CoinMarketCap warned the investors that it was a possible scam and that they might lose their money in the hands of the scammers. Still, the investors did not believe it, and around 43,000 people invested in this currency, which went to zero in a matter of five minutes while being stuck.

Investors Left in The Dark!

losing money

The results were simple; the investors did not get their money back and are not expected to get their money back anytime soon. However, the officials are working to trace the scammers. They have also improved the security of the cryptocurrency exchange so that there are opportunities for the newcomers but with minimum breaches of information and encounters with scammers. Microsoft and Netflix both have not commented on the situation. However, Netflix spoke up after a short while, stating that it has no affiliation with the squid game cryptocurrency project and the tokens were likely to be set for a scam.

If you cannot get your money back till now and still want it back, keep on reading this article to get the name of the company that can definitely use their expertise to find the scammers for you and get your money back. But, before that, it is important to understand what a cryptocurrency scam is and how it works. What you can do and what you cannot when faced with any type of cryptocurrency scam scandal and how to avoid them. So, let’s learn what a cryptocurrency scam is and how it works, and, more so specifically, what was this Squid game cryptocurrency scam all about.

What is a Cryptocurrency Scam?

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Cryptocurrency scams have different categories, and they generally fall into two main categories. These scams are not your everyday scams as they aim to get all the money that you are earning today or in the future. The main aim of such scams is to get access to your digital wallet. They will try to send you spam emails or might call you or send you links that will help them gain access to your credentials and help them access your cryptocurrency and get all they want. They will send you security codes and other things to get your hands-on money through your account.

In such a scam, they can go for the long term as they can simply keep your credentials with them, and when you have the maximum amount of money, they can perform the transaction for it. In another case, the scammers impersonate themselves by providing you with fake promises, double money in a day, and such things. They might also provide you with fancy business opportunities or might perform other means to get money from you. They might ask you to invest in a new cryptocurrency, and when you invest it will claim it dropped low and will just vanish with your money. This is something similar that happened with the Squid Game Cryptocurrency, where one minute the account was full and profits were top-notch, and the next minute these profits pummeled down to the ground.

Popular Netflix Series Initiates The Development of Squid Crypto

Crypto Traders

Squid cryptocurrency came into existence on October 26th, 2021, inspired by the popular Netflix show Squid Game. An unknown developer launched this currency in the digital world and began trading on the PancakeSwap platform. It was a penny per token type of cryptocurrency as per the CoinMarketCap cryptocurrency pricing website. It was launched, and soon after, CoinMarketCap sent out a warning to the investors, telling them that there was something not okay with this cryptocurrency and someone had undone the Squid coin website. 

The promoters of this cryptocurrency cannot be reached even though the prices of the Squid coin increased to $2,861 by Monday after October 26th. Squigame.io is the website that the developers used, and now it is up for sale, and there is no reference to the real developers as per reports.

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The CoinMarketCap said that there are multiple reports that the website of this cryptocurrency is not working, and the majority of the users are not able to sell their tokens in the PancakeSwap, where the trading of this famous Squid coin has started previously. They believed that someone had altered this project, and the investors should take extra caution when investing in the Squid coin. Some too many investors bought the Squid currency, and now the experts believe that these people were involved in a scam known as “rug pull.” 

This scam is the type of scam where the developers make a cryptocurrency and launch that new cryptocurrency in the digital market. The investor invests money in cryptocurrency as soon as too many investors and funds are poured in. The developers bail on their cryptocurrency and take away all the money. That is how they scam investors, and there is no way to take the money back in such a case unless you have resources to help you out. Let’s see in depth the details regarding this scam case.

In-Depth Details Regarding The Squid Coin Scam

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Here are a few important details that everyone studying this cryptocurrency scam needs to know. This section covers how the Squid token scam happened, how much money the developers of the squid coin stole from the investors, and other vital details involved in terms of the scam. So, let’s see how the squid token basically occurred.

How Did The Squid Coin Cryptocurrency Scam Happen

The Squid coin launched in late October and gained immense popularity due to its popularity from the Netflix series Squid Game. By Monday, the price of this cryptocurrency reached above $2,860 for each token. Unknown developers created it, and these prices skyrocketed more in the coming days. The creators were noted to cash out around 3 million dollars that were noted from a transaction detail on a publicly available cryptocurrency digital wallet. 

Since this check-out, the social media profiles of the squid token and their website all went dark. The developers have also promised the investors that they will be able to win awards and more money, just like the popular Squid game Netflix series. This scam is considered a rug pull scam as the developers of this digital currency gained a huge amount of money from investors and then bailed on their currency. So, exactly how much did they steal through this scam from the investors? Well, let’s find out.

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How Much Did They Steal With This Scam

Usually, in such scams, the amounts are never low. Most people invested $1,000 or more in the currency, and when the squid coin skyrocketed to $2,860, more people invested the money in the currency so that they could gain more profit afterward. Many people were promised to be invited to appear in a virtual game where they would get rewards and might be able to earn a lot of money, double their investments, and more. 

It was noted that more than 43,000 investors invested in the squid token, and around 113 million dollars were invested in buying the currency. According to a report, around 113 million dollars were lost between January and July, and the makers of this Squid coin were expected to make around 3.3 million dollars. It is expected that all these investors will not be getting their investments back.

Other Related Information Regarding The Scam

future crypto

Many important points were noted in this Squid Coin scam. The first is never to trust the cryptocurrency and invest huge amounts without taking all caution. Even though the squid game was a popular series, it has nothing to do with the squid coin or cryptocurrency. Netflix representatives themselves confirmed that they had nothing to do with the squid coin scam. This scam was a copycat version of the Netflix series Squid Games, and their website contained many spelling mistakes that made the website shady. 

However, still, people believed in them even with too many grammatical mistakes. The websites and social media handles promoting this coin have also vanished completely. As per the cryptocurrency experts, several signs hinted that it is possibly a scam. Even after various warnings to the investors, the investors did not back up and still invested money in the currency.

This currency was marketed as a play-to-eat cryptocurrency, making it extremely popular. The $2,860 value of the squid token lost its millions in just fewer than five minutes. The Squid game currency went from $628.33 to $2,856.65 and then, in a matter of five minutes, went back to $0.0007. It is really difficult to get your money back in such frauds and scams, especially if you have invested a large sum of money, as there is no way to track down the scammers because they know how to erase their traces. 

That is where you need some source and a helping hand that can help you out in such situations. The Claimers is one of the companies that can help you out if you have faced these scams and will do their work efficiently to get back your money as soon as possible with all the means they have. So, let’s see how the Claimers will help you out in your journey towards getting your funds back from the scammers.

How Does The Claimers Database Work To Help You Out

The Claimers is not your normal company. They are different from most companies and help the investors get their lost funds back. They use help from search engines and cloud servers and their expert technical and analysis teams to find out more about the scammers and help the investors find the scammers and get their money back. The Claimers first need you to send them every detail relating to the stolen scam, such as how it happened, when it happened, what the amount was, and more. Then they will take help from their experts and research team to investigate the case and find out more about the scammers and fraudsters and how they got your money. They will then make a complete case and help you out to get your money back easily.

The squid game coin scam was really well-made, and many people lost their assets in this scam. It has been reported that the developers of Squid token made around 3.3 million USD after scamming the investors off of their money. So, if you were involved in this cryptocurrency scam or any other type of scam related to cryptocurrency and need help in recovering your funds lost in these scams, you can reach out to us on The Claimers. We will help you recover all of your lost funds by taking help from our expertise and efficient company.

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A lot of those who contact us have questions and concerns about their personal and business data being compromised. We aim to arm you with the legal and technical know-how in the fight against scams. Also, we will be able to refer you to top scam recovery agencies.

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