That is presumably probably the most vivid instance of life mimicking artwork within the historical past of cryptocurrencies. The Squid Sport token launched final Tuesday, October twenty sixth to attempt to capitalize on the title recognition of the preferred video streaming sequence in Netflix historical past. It’s necessary to notice that the token was not legally affiliated or related in any approach to Netflix, nor the wildly in style Squid Sport sequence produced in South Korea.
The premise of that present was that 456 individuals in life-crushing debt and monetary despair had been initially recruited after which voluntarily agreed to take part in six kids’s video games over a sequence of days for a big money reward. The trick is that they had been all drugged and transported to an unknown island, from which they couldn’t escape. As soon as they awoke and acclimated to their dystopian setting, they discovered the essential guidelines and understood that losers of every spherical could be “eradicated.” They didn’t understand till after the primary recreation of “purple gentle, inexperienced gentle” – when half the gamers had been gunned down on the enjoying area – that when the organizers stated “eradicated,” they meant murdered in chilly blood.
And so the sequence went – and so went the thousands and thousands of invested funds within the Squid Sport token, which had been “eradicated” in lower than every week. For the reason that Squid Sport token debuted it noticed a meteoric rise producing a 219,000% acquire. Nonetheless, it additionally noticed a panoramic drop to lower than $0.005 in lower than 5 minutes on Monday. Right here’s the chart from CoinMarketCap.
Over the weekend, CoinMarketCap posted this purple warning on the Squid Sport token buying and selling web page:
“We’ve got acquired a number of experiences that the web site and socials are now not purposeful & the customers are usually not in a position to promote this token in Pancakeswap. Please do your personal due diligence and train excessive warning. This venture, whereas clearly impressed by the Netflix present of the identical title, just isn’t affiliated with the official IP.”
It’s not clear if this was an orchestrated rug-pull or one thing else. It’s crystal clear that 1000’s of traders misplaced thousands and thousands of {dollars} that they’re unlikely to ever see once more. Within the Squid Sport Netflix sequence, there was just one winner and everybody else was eradicated. Mockingly, that appears to be the same consequence within the Squid Sport token model of actual life mimicking artwork.
This has the traditional indicators of a rug pull the place the builders appear to have ridden up the hype after which pulled the plug on the venture. Take it as a cautionary story towards greed and getting wealthy shortly.
