Crypto is a world in itself and just like a physical world, it has members and entities in the form of several customers and individuals. The members of crypto are added after proper verifications of their investment portfolios and their background. Despite keeping data and resources safe, there are some points in time when the members having no legit background get themselves added to the platform and as a result, a whole new class of scammers comes into existence. Just like in the physical world, both soft-eyed and blue-eyed persons exist and correlate simultaneously, in the digital world the scammers and legit members go together. Further, you can visit bitcoin summit
Though it seems to be a very simple issue that we have both roses and thorns in the bouquet this is not true at all! The scammers have posed a serious threat to the digital chain and as a result, many issues have arisen. In the past, the news of getting assets stolen and identity thefts are common to hear. All this is the result of wrongdoings by some scammers that prey on the user data and information of people. In this article, we are going to discuss scams and will learn some important lessons related to them. So. let us start the journey!
Crypto scams- The beginning
Every day or now you may encounter certain emails and messages posing their source from some legit platform like your exchange or organization. Though how many ways it may seem legit, it is not true. These are scammers and are in search of their victims. One of the scams that were in news quite recently is the Squid Game Crypto Scam. Squid Games is a Korean web series based on some kind of real-time gameplay. The storyline of the series helped it gain popularity in the whole world and as a result, it was the number one watched web series of its time. The popularity was so extreme that some anonymous platform launched crypto assets under its name and its fans started investing in the chain expecting some great returns in the nearby future. But, this was merely their dream as the same was later found to be one of the costliest scams of all time!
Analysis of Squid Games Crypto Scams
Every crypto asset or coin needs to launch a white paper at the beginning that can explain its plans clearly. As a result, the customers feel it is safe to invest in the asset. A Similar was done in the case of the Squid Games token commonly known as the SQUID token. When you go through the white paper, you will find a lot of typos in the entire paper and this is the foremost red flag in the launch document of it. Also, when their smart contracts were developed, the similarities were not easy to digest creating a sense of doubt and non-legit behavior of the entire asset. But, at that time nothing was detected and many people fell into the hands of these scammers.
The results: Despite many results and conclusions from defective white papers and wrong algorithms in the smart contracts, many investors thought it to be merely a fault in their understanding and ignored all the red flags. They decided to enter the game without knowing the drawbacks of having SQUID already present there.
Conclusion
Though it is recommended that one should analyze the facts before jumping to any conclusion, nothing was followed in this case. What happened after is the company that issued tokens vanished from the decentralized platform and the investors who confidently invested in the chain suffered nothing but only losses!
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