Squid Game (CTO)
Crypto Overview
Overview
The Squid Game (SQUID) cryptocurrency was launched in October 2021, attempting to capitalize on the popularity of the Netflix series 'Squid Game.' The project claimed to be developing a play-to-earn game based on the show.
Purpose and Utility
The token's whitepaper claimed it would be used as the in-game currency for a play-to-earn game inspired by the Netflix series. However, the project never delivered on its promises.
Business Model Analysis
The project turned out to be a notorious 'rug pull' scam where developers abandoned the project after artificially inflating the price and preventing holders from selling their tokens. The developers disappeared with an estimated $3.38 million in investor funds.
Real-World Adoption
The token has no legitimate adoption or use case. Trading of the original SQUID token has ceased after the rug pull, though some copycat tokens may exist.
Development Activity
There was never any genuine development activity. The project's website, social media, and communications channels were all abandoned after the rug pull.
Token Distribution and Founder Analysis
The project demonstrated clear signs of fraudulent intent, with developers implementing anti-selling mechanisms and maintaining full control of the liquidity pools before abandoning the project.
Crypto Impact
To assign a comfort level investing in Squid Game (CTO) from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Squid Game (CTO).
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
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