{"id":15790,"date":"2021-11-02T11:36:01","date_gmt":"2021-11-02T06:06:01","guid":{"rendered":"https:\/\/www.seminarsonly.com\/news\/?p=15790"},"modified":"2021-11-02T20:32:49","modified_gmt":"2021-11-02T15:02:49","slug":"one-hundred-percent-crash-in-viral-squid-games-cryptocurrency-minutes-after-the-founders-reportedly-fled-with-2-5-million","status":"publish","type":"post","link":"https:\/\/seminarsonly.com\/news\/one-hundred-percent-crash-in-viral-squid-games-cryptocurrency-minutes-after-the-founders-reportedly-fled-with-2-5-million\/","title":{"rendered":"100% crash in Viral Squid Game&#8217;s cryptocurrency minutes after the founders reportedly fled with $2.5 million"},"content":{"rendered":"<h2><span style=\"color: #800000;\">One hundred percent crash in Viral Squid Game&#8217;s cryptocurrency minutes after the founders reportedly fled with $2.5 million<\/span><\/h2>\n<p>According to Forbes.com, Squid Game&#8217;s viral coin price fell sharply on Monday after reports emerged that the project&#8217;s anonymous founders had abandoned it and fled with investor funds. This serves as yet another cautionary tale for investors chasing the crypto market&#8217;s meteoric rise.<\/p>\n<p>It is estimated that at 6 a.m. Eastern Daylight Time (EDT), the price of the so-called Squid Game token plummeted from over $2,861 to less than half a penny, erasing $6 billion from the market value.<\/p>\n<p>Before the game&#8217;s widely publicised launch, users noticed unusual activity in their wallets, which led them to believe the token&#8217;s purported developers had abandoned the project and cashed out $2.5 million worth of binance coin tokens while concealing the transactions with a protocol called Tornado Cash.<\/p>\n<p>On Monday morning, the Squid token website and social media accounts went down due to &#8220;some unusual activity,&#8221; according to Twitter.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-15792 aligncenter\" src=\"https:\/\/www.seminarsonly.com\/news\/wp-content\/uploads\/2021\/11\/Squid-Game.jpg\" alt=\"Squid Game\" width=\"636\" height=\"345\" srcset=\"https:\/\/seminarsonly.com\/news\/wp-content\/uploads\/2021\/11\/Squid-Game.jpg 636w, https:\/\/seminarsonly.com\/news\/wp-content\/uploads\/2021\/11\/Squid-Game-300x163.jpg 300w\" sizes=\"(max-width: 636px) 100vw, 636px\" \/><\/p>\n<p>CoinMarketCap warned on Friday that multiple users were reporting that they couldn&#8217;t sell their tokens to decentralised exchange PancakeSwap after the token rose sharply last week.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"THDinSGILT\"><p><a href=\"https:\/\/www.seminarsonly.com\/news\/aws-activate-build-and-scale-with-up-to-100000-in-aws-activate-credits\/\">AWS Activate : Build and scale with up to $100,000 in AWS Activate credits<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;AWS Activate : Build and scale with up to $100,000 in AWS Activate credits&#8221; &#8212; Seminarsonly.com\" src=\"https:\/\/www.seminarsonly.com\/news\/aws-activate-build-and-scale-with-up-to-100000-in-aws-activate-credits\/embed\/#?secret=SsoHifNCpD#?secret=THDinSGILT\" data-secret=\"THDinSGILT\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>However, despite being clearly inspired by the Netflix series, the project was &#8220;unlikely to be affiliated with the official [intellectual property],&#8221; according to the website, which also advised users to &#8220;do your own due diligence and exercise caution while trading! &#8221;<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"3eK0CrH4Ul\"><p><a href=\"https:\/\/www.seminarsonly.com\/news\/pubg-a-brand-new-developer-deep-dive-into-pubg\/\">PUBG : A brand-new developer deep dive into PUBG<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;PUBG : A brand-new developer deep dive into PUBG&#8221; &#8212; Seminarsonly.com\" src=\"https:\/\/www.seminarsonly.com\/news\/pubg-a-brand-new-developer-deep-dive-into-pubg\/embed\/#?secret=XVFXaFqeXR#?secret=3eK0CrH4Ul\" data-secret=\"3eK0CrH4Ul\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>The Squid token has soared by as much as 310,00% since its launch just one week ago, despite the fact that very little was known about the project or its founders. Despite the fact that the cryptocurrency&#8217;s website claimed its Squid Game-based online game would go live this month, users discovered several grammar and spelling errors in the project&#8217;s whitepaper (a standard practise in the cryptocurrency industry for detailing a token&#8217;s specifications), as well as the absence of social media profiles for any of the project&#8217;s purported founding members. The token went on presale earlier this month and was claimed to have sold out in &#8220;a second&#8221; by the whitepaper.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>One hundred percent crash in Viral Squid Game&#8217;s cryptocurrency minutes after the founders reportedly fled with $2.5 million According to Forbes.com, Squid Game&#8217;s viral coin price fell sharply on Monday&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-15790","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>100% crash in Viral Squid Game&#039;s cryptocurrency minutes after the founders reportedly fled with $2.5 million - 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