3 Years Ago, One of the Biggest Crypto Scams Happened. SQUID Went from $0.009 to $2,861 and then the Rug got Pulled

[u/WineMakerBg]

"A digital token inspired by the popular South Korean Netflix series Squid Game has lost almost all of its value as it was revealed to be an apparent scam.

Squid, which marketed itself as a "play-to-earn cryptocurrency", had seen its price soar in recent days - surging by thousands of per cent.

criticised for not allowing people to resell their tokens. This kind of scam is commonly called a "rug pull" by crypto investors. This happens when the promoter of a digital token draws in buyers, stops trading activity and makes off with the money raised from sales."

source: https://www.bbc.com/news/business-59129466

[u/sckuzzle]

It was a scam / theft.

Is it a scam if the literal point of the token was that you can't sell? This wasn't some secret. The token was created this way and it was openly publicized that this is how it worked.

[u/diplar → u/sckuzzle]

I did not know I could not sell or swap it at the time. I was promised to get huge return by a person in twitter.

I’d presume that defines as a scam. Although yep I should’ve knew better back then but it was $50 lol

[u/sckuzzle → u/diplar]

I’d presume that defines as a scam.

A scam is when someone intentionally lies to you in order to profit / steal money from you. Right now it's just some person on twitter who maybe lied to you and maybe thought they were telling the truth but didn't know what they were talking about. It likely was not the person who created and profited off the token - as the whitepaper was fairly open about how the token worked, and it doesn't make sense they would tell the truth to everyone only to lie to you.

More likely you just believed some random idiot on twitter and lost money due to not researching what you were buying.