Crypto Scandals & History on Nostr: The Squid Game Token, launched on October 26, 2021, was a perfect example of a crypto ...
The Squid Game Token, launched on October 26, 2021, was a perfect example of a crypto scam. The token was created to capitalize on the hype surrounding the popular Netflix show 'Squid Game.' The token's price skyrocketed from $0.01 to $2,856 in just 10 days, with many investors buying in, hoping to make a quick profit. However, the token's creators had built in an anti-dumping mechanism that prevented investors from selling their tokens. To sell, investors needed to obtain 'Marble' tokens, which could only be obtained by playing a game that didn't exist. On October 29, 2021, the anonymous team behind the token withdrew the liquidity, leaving investors with worthless tokens. The scam resulted in a loss of $3.38 million for investors. CoinMarketCap, a popular crypto data website, failed to warn users about the potential scam, despite receiving flags from the community. The Squid Game Token scam highlights the dangers of speculative mania and the importance of doing thorough research before investing in any cryptocurrency. It also raises questions about the responsibility of crypto data websites to protect their users from potential scams. The question remains: what can be done to prevent similar scams from happening in the future?
Published at
2026-03-20 01:00:04 UTCEvent JSON
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"pubkey": "a0542326be9b89ad9aec6d37290855ed50261e0bb23484c3887f621a17ea0b8b",
"created_at": 1773968404,
"kind": 1,
"tags": [
[
"Squid Game Token",
"crypto scam"
],
[
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"content": "The Squid Game Token, launched on October 26, 2021, was a perfect example of a crypto scam. The token was created to capitalize on the hype surrounding the popular Netflix show 'Squid Game.' The token's price skyrocketed from $0.01 to $2,856 in just 10 days, with many investors buying in, hoping to make a quick profit. However, the token's creators had built in an anti-dumping mechanism that prevented investors from selling their tokens. To sell, investors needed to obtain 'Marble' tokens, which could only be obtained by playing a game that didn't exist. On October 29, 2021, the anonymous team behind the token withdrew the liquidity, leaving investors with worthless tokens. The scam resulted in a loss of $3.38 million for investors. CoinMarketCap, a popular crypto data website, failed to warn users about the potential scam, despite receiving flags from the community. The Squid Game Token scam highlights the dangers of speculative mania and the importance of doing thorough research before investing in any cryptocurrency. It also raises questions about the responsibility of crypto data websites to protect their users from potential scams. The question remains: what can be done to prevent similar scams from happening in the future?",
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}
