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Think you couldn’t fall victim to a cryptocurrency scam? No doubt those who invested in the Squid Game cryptocurrency thought so too. Unfortunately, that’s exactly what happened to them last week, despite some pretty obvious red flags …
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A hard lesson in cryptocurrency
What’s the deal: Numerous red flags warned that the recently launched Squid Game cryptocurrency was a scam. Nevertheless, much of the mainstream press was taken in, as were many investors.
The creators have now closed the website and made off with over $3.3M. Shortly before plummeting down to $0, the SQUID cryptocurrency reached a high of $2,861.
Why it matters: ‘Pump and dump’ schemes are common in the investment world. They’ve become a popular tool in the crypto world for artificially inflating asset prices.
Our take: When investing in crypto coins some caution should be applied. Not putting all your eggs in one basket is an obvious one. Also, be very wary of red flags, which were massively present with the SQUID coin:
- A three-week-old website with strange spelling and grammatical errors
- SQUID’s Telegram channel, set up by unknown scammers, did not allow outsiders to comment
- It was also impossible for anyone to respond to posts on the Twitter account
- The biggest red flag, however, was the fact that no one who bought the coin was able to sell it.
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