SquidGame: how to avoid losing money
SquidGame (SQUID) is a major recent scam that left thousands of investors rug pulled.
Let’s investigate what happened and see if you could have avoided losing money on this scam.
What happened
As Fortune reports:
The cryptocurrency, which saw one-week gains of nearly 310,000% as of Sunday night, completely collapsed starting at 5:00 a.m. ET <…> The token’s website and social accounts have disappeared, along with the white paper describing SQUID.
<…> immediately before the collapse, the SQUID token spiked to $2,856 between 2 a.m. ET and 5:30 a.m. ET. Five minutes later, the value was less than a penny.<…> The collapse came after Twitter flagged the crypto’s account as suspicious, restricting access to it.
To put it simply — developers have withdrawn almost $10 million from more than 40,000 of SQUID holders and then disappeared.
Token was aggressively marketed and even has listed on Coinmarketcap. Today after multiple scam reports from the victims it has a warning banner.
How financial losses could have been avoided
Trades on this token started on 21th October 2021.
Few days later, 23th October 2021 one of LSR users has requested a free audit of this token through our official telegram channel.
Our opinion was straightforward: 33 out of 100 is a very a low score.
If you check SQUID at our website you’ll see that our audit has detected a lot of serious issues in the underlying smart contract. This is a clear sign of a scam.
As you can see, our users were warned about this token from the beginning — 9 days before any crash.
And this warning was definitely demanded for: Squid Game token is among top-15 most viewed tokens on our website during the last week.
Stay safe and avoid scams,
your LSR team!
