May 17, 2022

Dubai Week

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The collapse of the squid game currency “SQUID” .. How did $ 6 billion evaporate in 15 minutes?

Overnight, the price of the sports coin “SQUID” fell 100% from $ 2856 to 0.0032 pence, evaporating to about $ 6 billion.

How did the story of the octopus toy coin begin?

The story of the “Squid coin” coin began on October 20, 2021, when it was introduced to the cryptocurrency market at one cent price, and then the “Squid game” series was shown on the popular Netflix movie stage, and thanks to the series, it jumped “Squid” coin more than 60 thousand percent since last Tuesday Increased to $ 2,856 on Monday morning and then fell to less than half a cent today, according to the Coin MarketCap website.

Within a quarter of an hour, the cryptocurrency went viral after detailed reports emerged that anonymous project founders had closed the token and fled with investor income.

Last Friday, CoinMarketCap warned that hundreds of users could not sell their tokens on the decentralized exchange PancakeSwap.

Like the popular Korean series, the controversial digital currency “squid” or “squid” appeared, and this coin appeared as a way to enter the electronic game of squid, which is completely identical to the events of the series, but this time it is not dangerous.

The new coin follows the same game rules of the series, with competitors playing to win cash prizes in six online tournaments, but unlike this series there are no dangerous consequences.

How did $ 6 billion evaporate?

The so-called “squid game” coin lost almost all of its value at 6 a.m., costing more than $ 2,861 less than half a penny and destroying $ 6 billion from its market value within 15 minutes. Website. CoinMarketCap Cryptocurrency data.

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The crash began after users noticed the so-called wallet function of coin developers, before spending more than $ 2.5 million on accounting tokens to hide transaction details using a protocol called Tornado Cash.

The squid token and social media accounts went offline after Monday morning’s incident; Twitter has already restricted his account due to “unusual activity”.

Warning signals grew rapidly after last week’s token meteor hike, with CoinMarketCap warning on Friday that many users could not sell their tokens on the decentralized exchange PancakeSwap.

Although the project was clearly inspired by the Netflix series, the site continued to warn that it was not linked to the series’ intellectual property: “Please be careful in trading!”.

Coins like squid

According to Forbes, the “squid game” is not the only currency that falls to zero. In June, a cryptocurrency backed by billionaire Mark Cuban, after its price plummeted and discovered a flaw in the design of the token, created an opportunity for investors to make unlimited money by repurchasing and selling the token. So far, cryptocurrency has not gained any value.

The cryptocurrency market is now worth $ 2.6 trillion and, according to CoinMarketCap, has grown almost 6 times over the past year due to increased corporate adoption and inflation fears.