Scandal: Panic with the Squid Game currency fraud

Doom prevails on the internet with the currency scam based on the Netflix series, The Squid Game. The creators of Squid Game Token made a "rug pull" and disappeared on time when the price rose to almost 2,400% in 24 hours.

 The token holders remain helpless as they cannot withdraw, which is difficult to digest; however, the fact is that Squid Game Token investors have been deceived.

A "pull rug" is a malicious act in the crypto field where crypto-currency developers leave the project and leave with investors' funds. Once a significant number of unsuspecting investors exchange the currency, the creators then withdraw everything from the total liquidity, bringing the currency's value to zero.

Starting trading at 1 cent last Tuesday, reaching $ 2,856, with a market cap of $ 2 trillion, now at 0, fraudsters burst it with $ 3.3 million of investor money. However, the SEC is still more concerned about enforcing Ripple XRP as security in XRP treatment. 

The Play-to-Earn NFT token called SQUID has allowed players to purchase the $ SQUID token to participate in its online games to multiply their currencies further. 

However, the token was already showing some signs, the most prominent being that players could not sell their coins. 

In addition, as the BBC pointed out, the token's website contained several spelling and grammatical errors. 

As soon as the scam spread on the site and the social media accounts promoting the badge, all traces disappeared overnight.

The attitude of the SEC

However, the bigger question here is whether the SEC will intervene definitively and regulate the aspects of the market that need its help rather than jeopardizing the safety of investors and their financial markets to fight an endless lawsuit. 

XRP's current lawsuit is a losing battle for the SEC, as it interferes with the committee's ability to perform its security duties.

"Today, new coins can be registered in decentralized exchanges from the first day they are created, without any regulation or due diligence.… So you could buy coins from anyone and any plan," Jinnan Ouyang, the crypto company, told the BBC. 

"We greedily swallow every lie that flatters us, but we take the truth that seems bitter to us with small sips." Denis Diderot, 1713-1784, French philosopher.

This article is for informational purposes only and does not replace specialized consulting services with professional experts.

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