Scam Alert: Pay attention to the crypto Squid Game Token!

1 2 3... sun! Who hasn't heard this sentence drawn from the superb South Korean series, Squid Game viewed from all over the world? Speaking of SG, it is a gaming token modeled on the spirit of the games in the series that panics the cryptocurrency market. The Squid Game Token price increased by 35,000% in 3 days.

In fact, gaming tokens are popular right now. Axie Infinity has gained nearly 15% over the last three days. Flow has increased by 8.58% over the last 24 hours. Decentraland, on fire, grew by 55% in two days. Even if Squid Game Token has done a big pullback, its growth over the last 24 hours is quite interesting. It amounts to 154%.

In Reality, What Is The Squid Game Token?

It is a cryptocurrency in the gaming token category that was developed on Binance Smart Chain. The game includes all six events encountered at the series level. To be able to participate, players must pay a participation fee. It is 456 squids for the first event and varies gradually with the level of the game.

90% of the fees will be awarded as a reward to participants who have passed the 6 tests. After that, 10% will be granted to the development team.

Crypto grew rapidly some time after its launch on the market. Between October 26 and October 28, its price increased from $0.012 to $4.20, totaling growth of about 35,000%.

Scam Alert: Difficulties Selling Your Tokens

The Squid Game Token can only be exchanged on the Decentralized Exchange, PancakeSwap. Unfortunately, the wallets of those who bought the squid are blocked with the token because they cannot sell it. After being warned by some observers, CoinMarketCap decided to pin the cryptocurrency with a warning note. CMC reported:

"We have received many reports indicating that users are not able to sell this token in PancakeSwap. Please exercise caution when negotiating."

The Squid Game Token problem cannot be summed up only from the point of view of buying and selling the token. The project seems to be a scam in itself. According to a Cointelegraph journalist, the founders of the project have no notoriety or even a certain reputation in the cryptographic industry.

The Cointelegraph journalist also revealed that some observers found grammatical and spelling errors in the project's White Paper.

For its part, Coingecko has decided not to list the project on its asset portal. They told Cointelegraph: "This token does not meet our registration criteria, so it will not be registered on CoinGecko. It's most likely a scam."

So, we advise our readers to pay close attention to this token.