From $2 Trillion MCAP to Almost Zero $SQUID Coin Scammers Make $3.3 M, Will SEC Intervene?

By Sunil Sharma
Published November 2, 2021 Updated November 2, 2021
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From $2 Trillion MCAP to Almost Zero $SQUID Coin Scammers Make $3.3 M, Will SEC Intervene?

By Sunil Sharma
Published November 2, 2021 Updated November 2, 2021

The internet has been blown away with the exclusively brilliant Squid Game Scam. The Squid Game Token creators have aced an extraordinary “rug pull” and vanished just in time when the price surged up to nearly 2,400 percent in 24 hours window. Token holders are left helpless with the inability to withdraw post-hike, and it may be hard to digest, however, the fact is that Squid Game Token investors have been scammed.

Image Source: CoinMarketCap

From trading at 1 cent last Tuesday to exceeding $2,856, with the market cap of $2 Trillion, to now Zero, $SQUID Scammers ran away with $3.3 million of investors’ money. Although, the SEC is still more concerned about levying Ripple’s XRP as security in the XRP lawsuit. The Play-to-Earn NFT game token called SQUID allowed players to buy the $SQUID token to participate in its online games to further multiply their holdings. However, the new P2E token already displayed warning signs, the most evident one being, players’ incapacity to sell their holdings. Additionally, as pointed out by BBC, the P2E token’s website contained several spelling mistakes and grammatical errors, and as soon as the scam unfolded the website along with the social media accounts promoting the token, all disappeared in thin air.

Under-Regulated or Neglected by the SEC?

Nevertheless, the bigger question here is whether the SEC will intervene finally and regulate the aspects of the market that need its assistance, instead of putting the security of investors and their financial markets at stake to fight a never-ending lawsuit. The ongoing XRP lawsuit is a losing fight for the SEC, as it is evidently interfering with the commission’s ability to perform security tasks.

“Nowadays new coins can be listed on decentralised exchanges on the first day they are created, without any regulation or due diligence…So you could be buying coins from anyone with any agenda.”, Jinnan Ouyang from Singapore-based crypto company Openmining told BBC.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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