The price of Squid Game token crashed to near-zero today as the developers behind the project sold their tokens on the market for 22,328 BNB ($11.9 million).
The price of the token fell from $2,856 to $0.00079 instantly as 70 million tokens were dumped on the market.
But it wasn’t just a surprise drop. It appears to be a highly engineered scam.
Early warning signs
The project had a number of red flags that initially drew a healthy dose of skepticism.
The project itself was themed after the hit Netflix show Squid Game, but with no apparent official approval or connection — despite a claim on its website that it was partnered with Netflix.
It also claimed to have further partnerships including NFT marketplace OpenSea, crypto tracking sites CoinMarketCap and CoinGecko, and Microsoft. Plus a partnership with Binance Smart Chain (B
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