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The new crypto token that everyone was talking about has fallen to zero prices after a major crash recently. As per the official news, the token that had soared as much as 85,000% is now trading for a little above zero per unit. The crash is a result of a hack attempt, as noted by the management of the token developers.
The users who held the token up until November 1st were expecting to get the price of the token higher than $2,861. However, the crash happened within a matter of minutes, and the investors were unable to do anything about this issue. The users of the token had reported a few days ago that they were unable to sell the token called SQUID on PanCakeSwap. Sweeping it aside as a minor issue, most investors did not pay any attention to the technical jargon.
Token Developers Face Several Hack Attempts
The development team of SQUID token has recently opened up about their experience on the matter. The team has chosen to post an update on their official Telegram channel. The notification informs investors that the development team has been facing several technical issues, as several hack attempts have been made on the main smart contract.
The team further added that the hackers have also been trying to disrupt their social media presence like Twitter and other platforms. The official website of the SQUID token called SquidGame.cash has gone offline since then. However, some sources allow the users to visit the archives version of the website. The users may still be able to purchase more SQUID tokens. However, as their value has fallen drastically, they will be unable to sell and get any value out of the token.
The people who decided to invest their money into the SQUID token ignored a lot of red flags. First of all, the project was audited by an unreliable source like CoinScope. This audit company does not provide any guarantee that the project is not going to disable their liquidity option, and it also does not warrant that the project is standing on a sound technical framework.
Furthermore, the developers of the token have no link or connection with the original creators of the series. The show called Squid Games has been produced in Korea and purchased by Netflix. The investors were also unable to respond to the updates posted on the official social media accounts. Currently, the value of each SQUID token is as low as $0.005506 after crashing 99.98% within 5 minutes today. The developers have claimed that they are folding their operations, leaving the investors without any hope of returns on their investments.