New Delhi: The Squid game 'Cryptocurrency', which came into the limelight last week due to its 300 percent jump, is now hitting the headlines for all the wrong reasons. The coin has now turned out to be a scam.
The coin has stunned investors as the price of this new coin fell by 99.99 percent in just a short time.
Such scam in the crypto market is known as 'rug pull'. In such scams, scammers leave their project and run away with investors' money. The price of this coin was up to $ 2,800 i.e. about 2 lakh rupees before falling, but its value has come down to 0.
According to CoinMarketCap.com, on Wednesday at 2 pm, the price of the coin was around $ 0.01345 dollars i.e. 1 rupee.
The developers of squid have run away with an estimated $3.38 million which is more than 25 crore in Indian rupees, said a report by Gizmodo.
Following a jump of 1,014.50 percent on October 29, it was trading at $2.80. Volume traded up 123 percent to $5,513,681 in 24 hours, the CoinMarketCap had said.
The crypto's pre-sale started on October 20 and according to some reports it was sold out in 1 second.
Notably, the CoinMarketCap had received several reports claiming that users were unable to sell this token on a famous crypto exchange called Pancakeswap. It had also asked to be careful while trading in this coin. Though, the reasons were unknown that why users were unable to trade in this token.
According to a report, it had anti-dumping technology that prevents the sale of coins if certain conditions are not met.
The token was launched as an "Exclusive Coin" for the Squid Game Project, a crypto play-to-earn tournament that launched in November.
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