The token, inspired by but not affiliated with the popular Netflix show, had been flagged as risky before its crash.
But by then, there were already warning flags. CoinMarketCap, a website that tracks cryptocurrency prices, issued a warning that it had received reports of people being unable to sell the token once they had bought it.
Novak criticized the token's white paper, which was littered with grammatical errors, and noted that the cryptocurrency's social media accounts such as those on Telegram andNumerous news outlets reported that they had contacted an email address posted on the Squid Game token's website to ask for a comment, but did not receive a reply. And on October 28th CNBC cited Netflix as saying it was not associated with the cryptocurrency at all.
At the time of writing the token is down more than 99 percent, worth just $0.002. The website has disappeared, the Twitter account has not made any tweets since October 29 and has been temporarily restricted by Twitter anyway, and, according to Novak inNewsweekThe Squid Game token's Telegram channel, Squid Game BSC, appeared to acknowledge the crash on Monday morning. It wrote:"Someone is trying to hack our project these days.
"We have to remove all the restrictions and the transaction rules of Squid Game. Squid Game will enter a new stage of community autonomy."