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SQUID Token Collapses as Developers ‘Overwhelmed with Stress’

A token generally known as SQUID, based mostly on an alleged play-to-earn sport named after Netflix’s drama sequence Squid Sport, has crashed to close zero after an enormous pump final week. In the meantime, the group behind the token, which raised a number of pink flags, is chucking up the sponge, saying they’re “depressed” and “overwhelmed with stress.”

At 16:00 UTC on Monday, SQUID was down by 99.99% per information from CoinMarketCap, buying and selling at a value of USD 0.00317. The 24-hour buying and selling quantity surpassed USD 15m.

The collapse in value comes because the token’s website, Twitter and Medium accounts have all grow to be unavailable, with Twitter citing “uncommon exercise” as its purpose for proscribing the account.

On the venture’s Telegram channel, which doesn’t assist two-way communication, the group behind SQUID said on Monday that that “somebody is making an attempt to hack our venture,” and that builders don’t need to proceed engaged on it as they’re “depressed from the scammers and is overwhelmed with stress.”

Over the previous week, the squid sport token got here from nowhere to surge by greater than 230,000% in value. Sadly for patrons, nonetheless, the token was solely traded on the PancakeSwap decentralized trade, the place customers mentioned it was inconceivable to promote the token after having purchased it.

Not surprisingly, the worth of the token might solely transfer a technique – up.

Cryptonews.com reported on the token final week, and warned readers that the token and the associated sport is probably going a rip-off. The warning was based mostly on a number of pink flags, together with what seemed to be faux group members and pretend partnerships listed on its web site.

A number of mainstream media shops, nonetheless, didn’t see the pink flags, with for example CNBC being criticized in the neighborhood for failing to show the venture as what it actually was:

The double requirements within the mainstream monetary media’s reporting on SQUID was additionally identified by Dominic Frisby, comic, and writer of a number of books on bitcoin and economics:

The group behind SQUID has not replied to requests for remark from Cryptonews.com.
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