How the Squid Crypto Scam Game Lost Millions

Luke Hartford then first announced the new, rising cryptocurrency thanks to a male reply. The tweet is located at the bottom post by Carl Martin, a Swedish cryptocurrency analyst and YouTuber, on Oct. 27. Martin mentioned the price of the Shiba Inu alt coin, which he believes could fall to zero.

There Hartford, a structural engineer from Sydney, Australia, read a tip from a user by the name of @jonhree112 who alerted him to the latest cryptocurrency on the rise. Its price has gone up 1,000 percent and it looks like it has 200 percent more headroom. At that time, the price of each coin was 72 cents. “Better to buy before $ 1.00,” wrote @jonhree112.

The coin is called Squid Game, based on — but not with — the Netflix runaway series of the same name. “The coin used the zeitgeist for the Netflix series Squid game by openly offering obsessed gamers access to a play-to-earn game, ”said Katherine Wooler, managing director of UK crypto wealth platform Dacxi. The project whitepaper, published on its now -defunct website, promises big things for investors — but looks as terrible as the Ponzi scheme. “The more people participate, the bigger [sic] reward pool will be, ”it promised.

Hartford is an experienced crypto trader, who has been involved around the world since 2017. He has seen the meteoric rise of Shiba Inu, an obvious joke meme coin that has enjoyed a 900 percent rise in less than a month, muscling its way into the world’s top 10 cryptocurrencies in the process. And he sees the Squid Game coin taking on the zeitgeist in the same way. He wanted to enter the ground floor. So on October 28 he bought.

Hartford is not a rookie, so he looked at BscScan, which registers all transactions on the Binance platform, before investing. There have been some comments from people warning that the Squid Game coin could be a scam: From anywhere, it looks very good to be true, and it is likely to violate trademarks and thus be lost. But Hartford didn’t care about them. “I want to get in as soon as possible,” he said. He bought $ 300 worth of coins at the Squid Game when each one cost 90 cents, sat down, and watched. First it exceeded $ 1, giving him a 10 percent return on his investment. Then $ 2. Then $ 3. “I watched it keep going up that night, so excited that I would double or double my money in a few hours,” he recalls. When Hartford woke up the next morning, the Squid Game coin hit $ 5. His $ 300 plunged to more than $ 1,660. She was very happy.

But something strange happened. On the morning of Oct. 29, when he searched for the $ SQUID hashtag on Twitter, he saw people tweeting that they couldn’t sell their properties. Others corrected those struggling to cash out, explaining that they had to buy marbles, obtained through a pay-to-play game organized by the project’s owners, in order to be sold. Hartford paused for a moment. “I wasn’t sure at the time if I was scammed or not,” he said.

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