Title: The Story of "Squid Game": The Biggest Fraud in Chain History
The Story:
In the fall of 2021, the world was obsessed with one phenomenon: the Korean series "Squid Game" on Netflix. Everywhere, from cafes to social media, everyone was talking about this exciting and bloody series. And as always happens in the crypto world, wherever there is interest and hype, a cryptocurrency project emerges to try to capitalize on that interest.
A new currency appeared on the smart BNB chain called SQUID (Squid Game). The promise was shiny and tempting: an online game inspired by the series would be launched, and the winners of the game would receive huge rewards in SQUID currency. To play, you had to first buy the currency.
What happened next was pure madness.
The price explosion: Driven by the massive hype of the series, thousands of new and excited investors began pouring their money into the currency. Its price skyrocketed, from less than one cent to nearly $2,861 in less than two weeks. On paper, many people became millionaires. The charts were completely green, and everyone was talking about "the opportunity of a lifetime."
The red flags that everyone ignored: Amidst all this hype, there were clear warning signs. Reliable media warned that the official project website was filled with spelling and grammatical errors. More importantly, users began to complain that they could not sell their coins. Platforms like PancakeSwap displayed error messages when attempting to sell.
The trap: the horrifying truth was hidden in the currency's code. Anonymous developers designed an "Anti-dumping mechanism," which they claimed was to prevent a price drop, but in reality, it prevented anyone from selling their coins, except for themselves. It was a perfect trap: everyone could buy, which raised the price, but no one could sell.
The Rug Pull: On November 2, 2021, in an instant, disaster struck. The developers sold all the coins they owned and withdrew all the cash liquidity from the project, estimated at around $3.3 million.
In just five minutes, the price of the currency collapsed from $2,861 to less than half a cent. The dreams and hopes of thousands of investors evaporated, and their paper fortunes turned to digital dust. The website disappeared, Twitter and Telegram accounts were deleted, and the developers faded away as if they had never existed.
The story of the "Squid Game" currency has become a glaring and real example of the dark side of the world of cryptocurrencies. It is a cautionary tale about the dangers of getting swept up in the hype without research, and how popular culture can be exploited to execute one of the biggest and strangest frauds in BNB chain history.
