"I thought I'll play with house money," said Dubey. "Some have a shot at going nuts," he said.ĭubey says that he used the proceeds from a recent successful bet on another meme coin to invest $250 into SQUID. He typically places bets of around $100 on coins that he thinks show promise in their initial price movements. Just past midnight each day, Dubey looks at new coins being listed on CoinMarketCap and CoinGecko, trying to identify trends based on the charts. He now works for an accounting firm in the U.S., and in his free time, he regularly day trades new altcoins. Saurabh Dubey has been interested in cryptocurrencies since 2016.
"Squid Game Dev does not want to continue running the project as we are depressed from the scammers and is overwhelmed with stress," Squid developers posted Monday in their Telegram channel, which now has more than 89,000 members. The crypto ecosystem is rife with so-called "rug pull" schemes wherein token founders abruptly abandon their project and take investor funds with them by swapping the project coin for cash.
Transaction records from BscScan appear to show the token's anonymous creators collected least $3.4 million in investor funds.
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I don't know how to recover my loss."īernard tells CNBC that he supports his family and is now worried about how to pay his bills. "My rush to buy this token is for a single idea that went into my brain that 'Squid Game' is very, very popular now, and its token must be popular now," said Bernard, who lives in Shanghai, and asked to be identified only by his English first name because trading in cryptocurrency is of questionable legality in China.
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