Squid game nft scam

A digital token inspired by the popular South Korean Netflix series Squid Game has lost almost all its value as it turned out to be a scam.

Squid, which marketed itself as a “play-to-earn cryptocurrency,” had seen its price soar in recent days – surging by thousands of percent. Following a massive price surge, the Squid Game token plummeted over 99% shortly after Twitter flagged its “official” accounts as suspicious on the social media platform last night. The digital token experienced its first downward move on Monday.

Squid token crashed to almost Zero

The price of the Squid game token fell from $2,856 to $0.00079 instantly as 70 million tokens were dumped on the market. According to CoinMarketCap, the SQUID token has a “self-reported” market capitalization of $2.8 million at the time of publication.

A quick LinkedIn search shows that the whole team section is fabricated.

The creators even claimed that Elon Musk shilled Squid Game token on Twitter, but of course, the Tesla CEO did nothing of the sort.

2 things to notice in their homepage:- they’re using actual show videos in here (DMCA takedown incoming)- there’s a basically random reference to Elon Musk, though there’s never been explicit affiliation – when this happens it’s usually a scam pic.twitter.com/DY99HWfpInOctober 29, 2021

Why Squid Game holders couldn’t sell

As CoinMarketCap pointed out, the developers didn’t necessarily block investors from selling, but they did make the process maliciously difficult. Here’s where things get a little twisted — just like the eponymous show.

Please take a look at the web address carefully – the legitimate domain of MetaMask should be metamask.io!

Fake MetaMask Website:

Real MetaMask Website:

If you submit credentials like a seed phrase, scammers can hack into your MetaMask wallet and transfer every “bit” away. What’s worse, since cryptocurrencies are decentralized, it would be nearly impossible to get them back!

In some other cases, scammers send you fake security alerts about your OpenSea account/NFT collection, but the tactics are similar. Watchout and don’t click on anything!

#4 — Fake giveaways

Posing as employees from famous NFT trading platforms, scammers contact you via social media (e.g.

Squid game nft scamander

That’s simply known as theft.

The website for the new Squid Game crypto looks comprehensive enough, with sections about very official-sounding things like a white paper and an audit. But anyone who’s seen cryptocurrency rug-pulls before, like the Mando coin, will recognize the style. The website, available at the domain SquidGame.cash, was registered less than a month ago, on October 12.

The so-called white paper, which the BBC and Business Insider reference uncritically, is filled with poor grammar, bizarre spelling errors, and claims that are impossible to verify.
The grammar of the second sentence in this “white paper,” is pretty much all you need to read to know something fishy is going on (emphasis ours):

The Squid Game project is a crypto play to earn platform inspired by the Korean hit series on Netflix about a deadly tournament of children’s games.

Squid game nft scambi

When you do so, they can take screenshots of your seed phrase (the recovery key to your wallet) or the QR code linked to it. Or, the scammer could redirect you to a website that looks like the official OpenSea website and coerce you into entering detailed personal information there. You know what will happen next. Don’t fall for it!

Via email Scammers impersonate MetaMask and send you fake MetaMask security alert emails, saying your MetaMask wallet is going to be suspended for some security issues.
To retrieve your wallet, you are prompted to click on an embedded link in the email to verify your account.

Again, they try to prompt you into clicking on the embedded phishing link that then takes you to a fake MetaMask website – it looks nearly 100% identical to the genuine one.

Squid game nft scamec

In theory. In reality, the whole thing was a scam. And Hartford was just one of its many victims.

Just after 1:38 pm UTC on November 1, $3.36 million that had been invested into Squid Game coin was yanked out of the project by its creators. The liquidity pool in the exchange disappeared in an instant, and within 10 minutes the coin was almost worthless, trading at one-third of a cent.

“Anyone can spin up a token and liquidity pool, so it is a common risk for new projects run by anons,” says Patrick McCorry, CEO of PISA Research and formerly an assistant professor in cryptocurrencies and security engineering at King’s College London.

Hartford realized it was too good to be true when he started reading more and more tweets about it. The fact that the chart never once moved downwards, instead constantly going up, was another giveaway.

So on October 28 he bought in.

Hartford wasn’t a rookie, so he looked at BscScan, which registers all transactions on the Binance platform, before investing. There were some comments from people warning the Squid Game coin could be a scam: Coming from nowhere, it seemed too good to be true, and it was likely to infringe on trademarks and so could end up coming to nothing. But Hartford ignored them. “I wanted to get in as soon as possible,” he says.
He bought $300 worth of Squid Game coin when each was worth around 90 cents, sat back, and watched. First it crossed $1, earning him a 10 percent return on his investment. Then $2. Then $3. “I watched it keep going up that night, getting pretty excited that I’d doubled or tripled my money in a few hours,” he recalls.
When Hartford woke up the next morning, the Squid Game coin had hit $5. His $300 had ballooned into more than $1,660.

They prompt you to click on an embedded button:

Like all the other phishing scams we’ve reported on before, the button leads to a phishing website. The fake page will ask you to link your wallet and submit your seed phrase/recovery phrase. Scammers can record the credentials and hack into your wallet and steal everything you’ve got!

#3 — Fake technical support

Besides fake offer email notifications, fake customer service/technical support is also a common scam tactic.

Via Discord Imagine encountering some technical problems and seeking help on Discord.

Someone who claims to be from OpenSea then comes to your rescue.

The fake support agent (the scammer) may ask you to share your screen to check what’s going on, making you inadvertently reveal your cryptocurrency wallet’s credentials.

John Lee couldn’t believe his luck. The $1,000 investment he made in Squid, a new cryptocurrency project inspired by the dystopian Netflix drama “Squid Game,” had skyrocketed in price.

But within five minutes Monday, his money disappeared.

“I watched Squid fall down in a matter of minutes,” Lee, 30, from Manila in the Philippines, told NBC News. “There was no way to withdraw my funds intact.”

He was one of many investors who were caught in what has become one of the most high-profile cryptocurrency collapses of the year — and one that some industry experts are warning is indicative of a market that is ripe with scams.

The digital currency, called Squid, was launched in late October and quickly skyrocketed in price.

However, the promised game never materialised. On Monday, the project’s website and social media accounts were deleted as the token crashed in value.

A crypto wallet associated with SQUID’s creators appeared to have cashed out almost €3 million worth of the token on Sunday and Monday via a transaction anonymising service, according to publicly available data.

Euronews Next was not able to contact the project’s creators as a result.

Rug pulled

This kind of scam – known as a “rug pull” – occurs when a project’s creators vanish along with the money received from investors.

In the case of SQUID, buyers found that they were unable to sell the tokens once they had bought them, leaving their money vulnerable to Monday’s crash.

On October 26, the day the token launched, SQUID was worth roughly €0.01.

Nevertheless, the scammers were able to attract several million dollars before disappearing. The technical details of the exit scam were more sophisticated, leveraging popular trading platform Binance’s structure to make their intentions less obvious. The actual value of the Squid Game tokens was transferred to Binance’s BNB tokens, which were then run through a mixing service to obscure the fact that only a small handful of wallets were ultimately holding all of the tokens in circulation.

Google Ads scam targets crypto wallet holders

Another recent scam that made use of Google Ads demonstrates that old tricks from cyber criminals can be applied in new ways in the crypto market.

This scam filched about half a million dollars via fake ads that criminals paid Google Ads to place at the top of searches related to cryptocurrency.

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