Round 6: After becoming an audience “fever” on Netflix, the Squid Game series (known in Brazil as Round 6) also inspired a cryptocurrency project. More specifically, the proposal was to create an eponymous game in the “play-to-win” format, which would use the currency “SQUID” as the internal economy — as occurs in other similar titles, such as the popular Axie Infinity, for example.
Naturally, the project became popular alongside Netflix’s original work and attracted a number of inexperienced investors, fans of the series and speculators in general, who bought the idea. Being available in decentralized brokers, on October 21st, the cryptocurrency “SQUID” faced an explosive appreciation in just 15 days — going from US$ 0.00386 to US$ 3,148.91, about R$ 18 thousand in direct conversion .
However, as soon as it reached a new all-time high this Monday morning (1), around 9 am, the price of the cryptocurrency dropped 100% within an hour, after its developers stopped project activities due to the stress caused by ” several cyberattack attempts”. Then the official website maintained by the team, its Medium page and Twitter account were shut down without explanation.
Check out the SQUID/WBNB hour trading chart on PancakeSwap:
A well-crafted scam?
As explained in the notice on CoinMarketCap, which accompanies most of the cryptocurrencies available on the market, the project had a lot of information self-declared by the developers that could not be verified by the site’s experts. In addition, the set of official documents with the development proposal, known as the whitepaper, was vague and had typos—a negative sign, generally speaking.
All this evidence, often overlooked by novice investors, often indicates that the project in question is a scam. Reinforcing the theory, it is possible to mention the trading mechanism used by the developers, which only allowed the purchase of SQUID currencies, while they could be easily accessed by them.
Faced with the supposed threat, the group of developers carried out a huge unilateral sale operation in the market, reaching a trading volume of US$ 15.97 million in less than 24 hours. As a result, the asset plummeted, along with other similar projects.