Wednesday, March 23, 2022
‘The casino beckons’: my journey inside the cryptosphere
…There are outright scams, too, among all the legitimate projects. It's the norm for developers to remain anonymous, and anyone can easily spin up a token and corresponding liquidity pool to make it available on a decentralised exchange. The creators of the play-to-earn game Squid Gameborrowed from the hit Netflix series its name and design scheme – and also its winner-takes-all denouement. Buyers of the $SQUID token found it was nearly impossible to sell, and after the price shot up 110,000% in the span of about a week, the creators pulled the rug out from under the project, removing its liquidity and making off with around $3.36m. Tweet anything containing the words MetaMask or Trust Wallet, the names of two widely used crypto wallets, and phishing bots unfailingly turn up posing as support staff. After luring the unsuspecting into their DMs and convincing them to give up their seed phrase (a kind of password), scammers immediately use it to drain the wallet of funds…
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