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Warning: Multiple Squid Game token investors reportedly can’t sell SQUID

Warning: Multiple Squid Game token investors reportedly can’t sell SQUID
Jordan
Major
Updated: 01 Nov, 2021
3 mins read

Please note [November 1, 2021 update]: Squid Game investors fall victim as web goes offline with SQUID price crashing to zero. Read more here.

The value of a Squid Game (SQUID) cryptocurrency, a token based on the popular Netflix (NASDAQ: NFLX) series of the same name, has increased by more than 40,000% since its launch, as other so-called “meme currencies” have skyrocketed.

However, users of the SQUID token referencing the series are now facing issues selling the digital currency on the Pancakeswap platform, according to the notification appearing on CoinMarketCap, the most popular site for checking crypto volume and prices, and supply of coins. It says:

“We have received multiple reports that users are not able to sell this token in Pancakeswap. Please do your own due diligence and exercise caution while trading! This project, while clearly inspired by the Netflix show of the same name, is unlikely to be affiliated with the official IP.”

SQUID caution notice. Source: CoinMarketCap.com

The three red triangles displayed indicate that CoinMarketCap can’t verify the legitimacy of the data.

What is SQUID

Supposedly, holders of the token launched on Binance Smart Chain (BSC) will be able to participate in online games that are inspired by the program.

According to the project’s whitepaper, each game needs a different amount of tokens to participate. To participate, the highest stakes game requires 15,000 SQUID tokens, which are now worth about $75,000 at current rates. 

To begin each game, 456 participants must be present. Ultimately, one winner is said to walk away with 90 % of the prize money, with the remaining 10% going to the game’s developers.

On Tuesday, October 26, the SQUID coin was trading at roughly $0.012, according to data from CoinMarketCap.com. Since its introduction, the token seems to have been caught up in the latest meme coin craze, with its value surging by more than 40,000%. 

SQUID 7 day price chart. Source: CoinMarketCap.com

Currently, the coin is trading at $6.79 at the time of publication, with a trading volume of over $8 million in the last 24 hours.

Transparency issues

It’s worth mentioning that the domain was purchased around five days before the analysis of its very basic audit, with the next audit scheduled to be renewed in the next year.  

However, the Coinscope audit of the Squid Game (SQUID) project does not imply that the project is fully audited. Coinscope itself states: 

“Coinscope team does not guarantee that a project will not remove liquidity, sell off team supply, or any other exit scam strategy. The information provided on this document by auditing the respective project is only for general information and should NOT be used as a reason to invest in any independent project.”

Typically, a professional token audit consists of the following: 

  • A comprehensive assessment of the code by the experts to point out the potential threat in a smart contract.
  • An extensive exercise attempting to find the vulnerabilities and system exploits done by an independent team of testers.

As a result, this audit is quite inadequate since it does not evaluate the expertise-level auditing. 

Twitter page suspended

Finally, the tokens support domain is not operational at the moment. Their https://marbles.finance/ staking platform is active; however, their Twitter page, which is being shared on both platforms, is currently suspended.

To sum up, investors should exercise caution when investing money in the aforementioned token.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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