{"id":13981,"date":"2021-11-09T11:30:26","date_gmt":"2021-11-09T06:00:26","guid":{"rendered":"https:\/\/zebpay.com\/?p=13981"},"modified":"2021-11-09T11:30:26","modified_gmt":"2021-11-09T06:00:26","slug":"squid-coin-the-scam","status":"publish","type":"post","link":"https:\/\/zebpay.com\/in\/blog\/squid-coin-the-scam","title":{"rendered":"Squid Coin: The Scam"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/zebpay.com\/in\/blog\/squid-coin-the-scam\/#Developers_of_SQUID\" title=\"Developers of SQUID\">Developers of SQUID<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/zebpay.com\/in\/blog\/squid-coin-the-scam\/#Rug_Pull\" title=\"Rug Pull\">Rug Pull<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/zebpay.com\/in\/blog\/squid-coin-the-scam\/#Red_Flags\" title=\"Red Flags\">Red Flags<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/zebpay.com\/in\/blog\/squid-coin-the-scam\/#Why_it_gained_popularity\" title=\"Why it gained popularity\">Why it gained popularity<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/zebpay.com\/in\/blog\/squid-coin-the-scam\/#Closing_Thoughts\" title=\"Closing Thoughts\">Closing Thoughts<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>Just like how the show Squid Game had an unexpected twist, so did it\u2019s cryptocurrency that left investors in shock.&nbsp;<\/p>\n\n\n\n<p>The cryptocurrency was based on the Netflix original show called <a href=\"https:\/\/www.netflix.com\/title\/81040344\" target=\"_blank\" rel=\"noreferrer noopener\">Squid Game<\/a> that garnered a lot of popularity. The show depicts a deadly survival game set in South Korea, in which financially unstable players compete and risk their lives. All to win a cash prize worth 45.6 billion won that will clear them of their debt.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-developers-of-squid\"><span class=\"ez-toc-section\" id=\"Developers_of_SQUID\"><\/span>Developers of SQUID<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Investors jumped at the Squid coin when an unknown developer launched the coin \u201cSQUID\u201d into the market. Sadly, The fortune of the investors was just as bad as the actual players in the game.&nbsp;<\/p>\n\n\n\n<p>On 2nd November, when the SQUID coin hit a high of $2,800, the creators decided to cash out. This was an appreciation of 310,000% since its inception. They sold their holdings, completely shut down their website and became untraceable. As majority of the coin was held by the creators, once they sold it the price tanked back down to $0.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-rug-pull\"><span class=\"ez-toc-section\" id=\"Rug_Pull\"><\/span>Rug Pull<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>This occurrence is commonly known as a <a href=\"https:\/\/zebpay.com\/blog\/why-we-need-defi-the-r-wallstreetbets-story\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u201crug pull\u201d<\/a>. It basically means the developers pump a new coin as soon as possible to pump the price up exponentially. They then sell their large holdings and run off with the investors\u2019 funds and abandon the project.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-red-flags\"><span class=\"ez-toc-section\" id=\"Red_Flags\"><\/span>Red Flags<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>There were some very noticeable red flags and cause for suspicion around the whole currency.&nbsp;<\/p>\n\n\n\n<p>The most jarring factor was there was no option to sell SQUID. You could only buy SQUID. The coin was not listed on any trusted exchanges, the only marketplace for it was its questionable website. The website looked extremely unprofessional and had a lot of errors and typos. Furthemore, the Twitter and Telegram channels did not allow any one to comment or engage besides the project creators.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/p5a2bUksy6aQ9dmgwRVBfDUo1w4TMTstekPGA-PskXJ5PM6xLjgiyiGk7KCJyUJlpuDQtsoRDEp-pbwtyN6Vygabrz9ZSok23FkObFJNDxT9eHW_AD0Y8p_0KRaGkf3QO35NVMMc\" alt=\"\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-why-it-gained-popularity\"><span class=\"ez-toc-section\" id=\"Why_it_gained_popularity\"><\/span>Why it gained popularity<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Despite all the very damning evidence, a lot of innocent investors did fall victim to this scam. There are two many reasons. One, the SQUID was introduced as a pay-to-play token for a virtual Squid Games. Coin holders were promised an opportunity to play the game inspired by the show and a shot at some prize money. The rising popularity of the show and cult culture added to the high demand for the coin.<\/p>\n\n\n\n<p>Two, the surging coin and its performance received a massive magnitude of media coverage. People wanted to be a part of this headline story. Any story with \u201c100,000% gain\u201d is enough to catch the investor\u2019s eye.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-closing-thoughts\"><span class=\"ez-toc-section\" id=\"Closing_Thoughts\"><\/span>Closing Thoughts<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>It is a lessson to all investors. Always beware of such scams in the market. Remember to do your due diligence and research about the project and project developers. Rug pulls are not very common, but buyer beware!<\/p>\n\n\n\n<p><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Speculators investing in small-cap meme coins were essentially looking to place a short-term bet based on the continuing popularity of the meme coin in question. Do one&#8217;s own research before investing, and use a rupee-cost averaging approach to build a sustainable long-term investment, said Avinash Shekar, Co-CEO at ZebPay. <\/p><cite>In conversations with The Economic Times<\/cite><\/blockquote>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Just like how the show Squid Game had an unexpected twist, so did it\u2019s cryptocurrency that left investors in shock.&nbsp; The cryptocurrency was based on the Netflix original show called Squid Game that garnered a lot of popularity. The show depicts a deadly survival game set in South Korea, in which financially unstable players compete [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13982,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[14],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/13981"}],"collection":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/comments?post=13981"}],"version-history":[{"count":0,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/13981\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media\/13982"}],"wp:attachment":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media?parent=13981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/categories?post=13981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/tags?post=13981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}