In just 10 days, this carnival game of virtual currency inflation ended with a "roll" runaway

China Times (www.chinatimes.net.cn) reporter Wang Yongfei ran Xuedong reported in Beijing

"Squid games", "spoofs", "virtual currency", "weekly increase" and other labels, in just 10 days, "Squidanomics" (Squid Coins) has attracted many players.

Players with a "just play" mentality, even if they know that it is a scam, they will never expect that the squid coin project will "roll up and run" in such a short period of time.

Squid coins, which have been online for just 10 days since their launch on October 20, have experienced a sharp rise and plunge, with the highest increase of 2,000 times in the past week and the highest price of more than $2,800. On November 1, the squid coin, which was still maintaining a sharp upward trend a second ago, plunged in an instant, plummeting 99.9999% in 5 minutes and almost zero.

A shoddy hoax

This scam has not been cleverly designed.

With the popularity of the Netflix web series "Squid Game", coupled with the wealth-making myth of "spoof coins" such as Dogecoin and Shiba Inu coin, "Squid Coin" has become a hot new star sought after by people for a time. At one point, the market capitalization exceeded $174 million, and when SQUID pre-sold on October 20, there was also a "sold out in 1 second" situation.

From the BSCScan browser, the current price is $0.00, the total market value is $0.00, the total supply is 1000 billion pieces, 6,390 addresses, 41789 transfers, and the current contract amount remains less than $500.

The official website is currently open normally, the game is titled "make Squid Game more interesting through games, NFTs and community prizes", Squidanomics was launched by teams from Canada and the United States on October 18, 2021, is a BUSD reward token on the Binance Smart Chain. Not only can you play 3D Knife web browser games and 2D Shooter games, but there are also BUSD bonus tournaments in the Telegram group. These are original chat-based games that anyone can participate in with Telegram. ”

There are still 2,831 members of the Squid Coin Telegraph Group, which once wrote, "Have you been disappointed in your luck?" In addition, the website production style is completely copied from "Squid Game", and the content and production of the white paper also look a bit rough.

Image source: Squid Coin Project official website

A player in the Telegram group who had participated in squid coins told this reporter: "It is easy to see that the project side is manipulating the price, but I did not expect to run so fast, and I did not pull out time at all." Even if the investment is small, it still feels incredible. Buying this virtual currency at the beginning of a lot of just play mentality, and then soared, but also with some, did not withdraw in time, and now all return to zero. ”

William, chief researcher of Huobi Research Institute, told reporters: "This is a typical virtual currency fraud incident. If it weren't for the labeling of 'squid game' and 'cryptocurrency', it would be just an ordinary scam project and would not have attracted so much attention afterwards. ”

Emerging meta-universe tokens should be wary

After the concept of metaverse became popular, there was also a batch of meta-universe altcoins "rising".

Recently, The SoftBank Vision Fund 2 led the investment in The Sandbox, an Ethereum-based NFT meta-universe platform, which raised $93 million in funding rounds, including Animoca Brands, True Global Ventures, Galaxy Interactive, SCB 10X, Polygon Studios and Samsung Next.

Fueled by news such as Facebook's renaming Meta into the metacosm, The Sandbox token SAND coin broke through to more than $3 today, reaching an all-time high, with a 7-day increase of more than 300%. In addition, other metaverse concept tokens including AXS, ILV, and WILD all hit record highs, with a 24-hour increase of more than 20%, and MANA also tripled.

In the meta-universe boom, some scams are also designed for investors to be wary of tokens that are growing rapidly under the hot concept. Previously, Dogecoin, as a representative of the big rise and popularity, has now returned to the low price.

William said that many cryptocurrency scam projects have several characteristics in common, such as not knowing who the developer is, the website page is poorly made, the total amount of cryptocurrency is opaque, or the team holds a large number of chips to manipulate the market. Investors must be cautious when encountering such cryptocurrency projects.

On September 15, 2021, Ten Ministries and Commissions of China jointly reminded against virtual currency risk speculation, mentioning that "the rise of virtual currency transaction speculation activities disrupts the economic and financial order, breeds illegal and criminal activities such as gambling, illegal fund-raising, fraud, pyramid schemes, and money laundering, and seriously endangers the safety of people's property."