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| Topic | Man loses life savings after Squid Game crypto token plunges to near zero |
| Lebronwon 11/02/21 8:47:44 PM #1: | https://www.cnbc.com/2021/11/02/squid-game-token-cost-one-investor-28000-after-coin-plunged.html When Bernard heard about a token named after the popular South Korean Netflix series Squid Game, which chronicles the lives of cash-strapped adults who play in a deadly tournament for a big jackpot, he did a quick scan on Google to see if the coin was legit. After catching headlines but before reading the full articles, many of which warned of some red flags around the project he decided to invest his entire life savings of $28,000 into SQUID, a coin that billed itself as a play-to-earn cryptocurrency. On Monday, the token hit a high of just over $2,860, before plummeting to nearly zero, according to CoinMarketCap. My rush to buy this token is for a single idea that went into my brain that Squid Game is very, very popular now, and its token must be popular now, said Bernard, who lives in Shanghai, and asked to be identified only by his English first name because trading in cryptocurrency is of questionable legality in China. Its a tragedy. I dont know how to recover my loss. Bernard tells CNBC that he supports his family and is now worried about how to pay his bills. Transaction records from BscScan appear to show the tokens anonymous creators collected least $3.4 million in investor funds. The crypto ecosystem is rife with so-called rug pull schemes wherein token founders abruptly abandon their project and take investor funds with them by swapping the project coin for cash. The tokens white paper and website have since disappeared, though archived copies of its official landing page and white paper are still online. Twitter has temporarily restricted its account due to suspicious activity. The creators did not respond to multiple emails that CNBC sent to the addresses listed on the web site. Bernard says he has reached out to the FBI and the SEC about his lost investment. He has also reached out to the team behind the token, as well as Binance-owned CoinMarketCap, which listed the coin on its website, both of whom did not take responsibility for his loss. Bernard, who says he has a lot of experience in crypto and computers, blames media outlets for his investment in SQUID as well. He isnt alone. Others have taken to Twitter to say that giving any oxygen to meme coins like this one functions as an implicit endorsement. In this trading space, everyone will rush, said Bernard, and sometimes you feel FOMO. That sense of FOMO, or the fear of missing out, is a common sentiment among crypto traders who invest in early-stage altcoins, eager for a chance at big and quick returns on their investment. --- Not 1, not 2, not 3, not 4, not 5, not 6, not 7 ... Copied to Clipboard! |
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