An investor in crypto has cried out over his bad experience of becoming rich in 10 minutes and poor again in 5 minutes.
According to him on Reddit, he said he made $1.3million (N532.97 billion) after investing in SQUID, the digital currency flagged by the Netflix series Squid Game.
So when he observed the value climb to more than 2 million dollars in a moment, the coin’s value collapsed to $0 again
Many have speculated previously that the coin was likely to be a ruse, commonly known as “rug pull” and if it falls like this, meaning the creators of the coin hurriedly cashed out their coins for real cash.
“I thought, let me put $10(N4000) in this just for funnies. I got around 661 SQUID. As the days went by, I started seeing it climb, 1$, 2$, 5$, 10$, 30$, and I was thinking… Imagine if I can take this money out. Of course, I knew that I wouldn’t ever take the money out, I was fully convinced of that, but it was fun to see it happen.”
The ardent investor narrated in pains that in a couple of days after, the SQUID’s cost had climbed to $2,000, which undobtedly confirms he had acquired over $1.3million gain.
All of a sudden, in five minutes, the coin collapsed to ‘0’ and everything he made in gain went down the drain.
In his words;
“I’m now able to say I was a crypto millionaire at some point of my life, never “put money on scam coins, always do your research and be careful on what you invest.
The stumbling block of not being allowed to convert a crypto to a traditional currency is a cardinal jaundice of investing in crypto. You’ll only have the power acquire money back out if there’s demand, so all your money can go down the drain.
If the value drops to zero, either because its a scam or because investors lose confidence, you could be left holding worthless digital coins that you can’t sell on. Newer coins are even riskier than more established ones like Bitcoin and Ethereum – not least because there’s a higher risk of being scammed.”