In response to the development, major crypto tracking website CoinMarketCap (CMC) has left a warning to SQUID token investors on its website.
Amid the burgeoning status of SQUID plus reports emanating about users’ inability to sell the token, the crypto community is beginning to have suspicions that the token is a scam.
A Twitter (NYSE:TWTR) user (Crypto Tyrion) noticed that the founders of SQUID mentioned on its website are not registered on major professional network LinkedIn. He further opined that it is a “100% rug pull,” based on the fact that the Squid Game token blocked Twitter comments while being inactive on Telegram and Discord channels.
Other observers also highlighted apparent issues in the Squid Game token’s whitepaper, such as poor grammar, spelling errors, and claims that are somewhat “impossible to verify.”
Popular scam check source, Scamadviser.com, rated the token as bogus with a trust score of 45 out of 100.
Meanwhile, CMC issued a statement suggesting that SQUID’s bullish rally may imply that playing the Squid Game as described in the project’s whitepaper may be unaffordable for most participants due to the holding requirements of the token.
CoinGecko who is the major rival of CMC has been quiet on the SQUID subject so far, and according to its co-founder Bobby Ong, “this token did not meet our listing criteria hence it will not be listed on CoinGecko. It’s most likely a scam.”
He also stressed that CoinGecko is not an official partner of the token contrary to information on the token’s website.
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Source: Cryptocurrency - investing.com
