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It was Luke Hartford for the first time I informed about the new, growing cryptocurrency thanks to a person who answered. The tweet was nestled on the floor publication of Carl Martin, Swedish cryptocurrency analyst and YouTuber, on October 27. Martin was discussing the price of the alternative Shiba Inu coin, which he thought could fall to zero.
It was there that Hartford, a civil engineer from Sydney, Australia, read the advice by a user named @ jonhree112, who warned him about the latest cryptocurrency on the rise. Its price had increased by 1,000 percent, and there seemed to be room for 200 percent more. At that time, the price of each coin was 72 cents. “Better buy before $ 1.00,” writes @ jonhree112.
The coin was called Squid Game, based on – but not related to – the runaway Netflix series of the same name. “The coin harnessed the spirit of the times for the Netflix series Squid game apparently offering obsessed gamers access to a game to win, ”said Catherine Wooller, managing director of the UK’s Dacxi crypto-wealth platform. The project’s white paper, published on its now-defunct website, promised big things for investors, but it sounded awful like a Ponzi scheme. “The more people join, the bigger [sic] the prize fund will be, ”he promises.
Hartford was an experienced cryptocurrency trader who had been involved in the world since 2017. He had seen the rapid rise of Shiba Inu, an obvious joke meme coin that enjoyed 900 percent growth in less than a month, making its way into the top 10 cryptocurrencies in the world in process. And he saw the Squid Game coin, which captures the spirit of the times in a similar way. He wanted to go downstairs. So on October 28 he bought.
Hartford was not a rookie, so he looked at BscScan, which registers all transactions on the Binance platform before investing. There were some comments from people warning that the Squid Game coin could be a scam: Coming out of nowhere, it looked too good to be true, and it was likely to infringe trademarks, so it could do nothing. But Hartford ignored them. “I wanted to get in as soon as possible,” he says. He bought a $ 300 Squid Game coin, each worth about 90 cents, sat down and watched. He first exceeded $ 1, which gave him a 10% return on his investment. Then $ 2. Then $ 3. “I watched it grow that night, and I was quite excited to double or triple my money in a few hours,” he recalls. When Hartford woke up the next morning, the Squid Game coin reached $ 5. His $ 300 turned into more than $ 1660. He was very pleased.
But something strange was happening. On the morning of October 29, when he searched the hashtag $ SQUID on Twitter, he saw people tweeting that they could not sell their possessions. Others corrected those struggling to withdraw money, explaining that they had to buy marbles that were obtained through a pay game organized by the project owners in order to sell. Hartford paused. “At this point, I wasn’t sure if I had been deceived or not,” he said.
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