The Squid Game token scam 🤷‍♂️; More money to automate spend management 💸; The rise of blockchain development platforms 🚀

Good Morning FinTech, 2 November

Good day Everyone,

And happy Tuesday! Hope you’re accelerating your pace with this week. If you’re still struggling though, here’s a mix of 3 great FinTech stories to get you going:

The Squid Game token scam 🤷‍♂️

The crash 💥 The price of the Squid Game token crashed to near-zero as the developers behind the project sold their tokens on the market for 22,328 BNB ($11.9M).

The price of the token fell from $2,856 to $0.00079 instantly as 70M tokens were dumped on the market.

Easy come - easy go 🎢 As I’ve written just yesterday, SQUID popped onto the scene on October 20, purporting to be a pay-to-earn currency for an upcoming online game based on Squid Game. But, there were several red flags: grammatical and spelling errors in the white paper, the fact that the project’s website was registered less than a month ago, and users’ inability to reply to its Telegram and Twitter posts.

By Friday, the coin had skyrocketed in price and was widely covered in the media for its huge gains and (unofficial) tie to the wildly popular Netflix series. The token’s price peaked Sunday night at $2,861.80 before dropping 100% to lose virtually all of its value.