Squid Game the famous TV series of Netflix, has its roots in South Korea and its creator was inspired by a series of youth difficulties that he had to overcome.
It is also represent an invective to the Korean socio-economic situation but we are not getting deeper into this aspect. We encourage potential South Korean readers to share their experience upon that.
The focus of this story is money: at stake are 45.6 billion won (about 37 million USD), in order to win it is necessary to overcome a series of games for children, including one that for its geometric shape resembles a squid.
The key difference is that the game is played not by children but by adults.
The victory in a game allows access to the next one, while the stake for the loss is life.
On the wave of this sudden fame of the TV series, a game was also born: through the platform for the creation of games, Core, some modders have created several deadly challenges in the series.
Obviously in order to ride the wave of celebrity, was created a cryptocurrency (more precisely a token) that in the last few hours is making a lot of talk about itself.
The graph above shows how the token has had a rather high peak: from a few cents it arrived at a value of over $ 2800!
So far nothing, or almost, strange; other tokens have had similar surges: even Shiba, famous shitcoin of the last period as opposed to dogecoin, has had bull runs not indifferent.
The problem is derived from the red candle, unique, and unperturbed downward; in fact there has been a drop very close to 0.
What was the reason for this?
Simple, those who have written the dApp of the game and the Smart-contract of token management, have emptied the coffers.
What in jargon is called rug-pull, in this article I explained it well.
Let's take a closer look at what happened.
First of all, the creators advertised the token as a play-to-earn crypto: along the lines of the famous series.
Through the dApp, players would compete in the various games of the series until the last game which would be the squid game.
The winner would take home the total winnings.
With this marketing strategy, the token in just 4 days went from $0.01 to over $90 until it reached a peak of $2850 on November 1.
Unfortunately yes, indeed, it was extremely predictable what happened.
It was clearly written in the White Paper: the sale was forbidden in order to avoid a possible drop. The creators have called this impediment an innovative anti-dumping technology.
The usual nonsense: it is sufficient to read any farm to understand that it is not an innovative technology.
All the certified smart-contract Dex have as anti dumping a limitation to the sale, not the total denial!
Exposing yourself to such a vexatious request is like throwing your money away.
That's not all.
Two very large exchanges have not hidden their perplexity on the listing of the token in question.
Coingeko, even denied the listing, asserting that it was probably a scam.
CoinMarketCap has listed it with reservation, in fact it had noticed the possibility of Rug-pull and had reiterated to pay the utmost caution in the purchase of the token.
Guys, I will never stop urging you to read the White Paper of any project and to be wary of certain limitations that are imposed on you.
All the people who spent even 10$ to buy tokens (at 0.01$ they were 1000 tokens, which sold for 90$ and would have totaled 90,000$ in 4 days) hoping to make a killing, surely didn't read the white paper!
With cryptocurrencies this is not the way to proceed: we have the tools to understand if the project is valid.
Let's use them!!!
Always remember that buying a token is not buying a lottery ticket: here the luck has nothing to do!