The crypto world was shaken by the meme token — Squid Game crypto. This meme token briefly stole the limelight from Siba Inu (SHIB) for almost a week. Undoubtedly, the Squid crypto token captured the interest of many who were riding high on the success of the Netflix show — Squid Game.

Unfortunately, pretty much all who invested in Squid game crypto lost all their investments in one fell swoop. On its fifth day, the creators of this crypto initiated their rug pull scam. Thus, the Squid cryptocurrency crash affected all its holders. Real Research surveyed its users to see if they were victims of this rug pull scam. Here are the results.

Highlights

● 40.34% are unaware of the Squid crypto scam and price crash.
● 51.07% have become victims of the Squid crypto scam.
● 50.59% have already invested in meme tokens before Squid crypto’s debut.

59.67% Are Aware of The Squid Crypto Cryptocurrency Crash

To begin, the survey asks the respondents if they have heard of the ‘Squid Game’ inspired crypto that crashed to zero as it went viral. In response, the majority (59.67%) are aware while the rest are not.

Accordingly, the next question on the Real Research Squid crypto scam survey asks its respondents if they were a victim of this rug pull scam. On this, 51.07% say ‘Yes’.

Figure 1: The majority are victims of the Squid crypto scam

Only 29.39% Do Their Own Research Before Investing in Crypto

The survey then goes on to ask how respondents typically invest in cryptocurrencies. The majority (29.39%) say they do some personal research. Likewise, 9.19% say they get recommendations and 8.25% say internet searches. Lastly, 6.15% say they get information from the online community and 3.63% say they chose crypto that has an appealing name. The rest chose ‘Others’.

Figure 2: Respondents reveal how they choose to invest in cryptocurrencies

Next, the survey asks the respondents if they have ever purchased any meme token before. On this, the majority (50.59%) say ‘Yes’. Meanwhile, 32.55% say ‘No’ and the rest say they aren’t interested in cryptocurrency.

Respondents Debate on How Rug Pull Scams Should Be Dealt With

Considering the Squid crypto scam left so many with lost investments, the survey asks how such scams and crimes can be avoided. Here, the majority (29.04%) say ‘use large exchanges with many users’.

Likewise, ‘check if the website is fake’ (9%) and ‘watch out for fake mobile apps’ (6.15%). Lastly, ‘do not trust offers from social media imposter accounts’ (5.59%), ‘verify company email address’ (4.04%) and ‘contemplate before investing’ (3.64%).

Figure 3: Respondents advise on how rug pull scams can be avoided

In line with the Squid crypto scam, the next question asks what action should be taken to prevent such scams and crimes. The majority (26.10%) say ‘prohibit excessive advertising of high-yields’.

Furthermore, ‘reveal scammer’s identity to the public’ (12%), ‘permanently ban accounts exhibiting malicious behavior for trading’ (8.63%), and ‘encourage a website to share scam cases’ (6.90%).

Methodology

 
Survey TitlePublic Opinion on Squid Crypto Scam
DurationNovember 11 – November 18, 2021
Number of Participants40,000
DemographicsMales and females, aged 21 to 99
Participating Countries Afghanistan, Algeria, Angola, Argentina, Armenia, Australia, Azerbaijan, Bahrain, Bangladesh, Belarus, Benin, Bolivia, Brazil, Brunei, Bulgaria, Burkina Faso, Cambodia, Cameroon, Canada, Chile, China, China (Hong Kong) China (Macao), China (Taiwan), Colombia, Costa Rica, Croatia, Czech Republic, Ecuador, Egypt, El Salvador, Ethiopia, Finland, France, Gambia, Georgia, Germany, Ghana, Greece, Greanada, Guatemala, Honduras, Hungary, India, Indonesia, Iraq, Ireland, Israel, Italy, Ivory Coast, Japan, Jordan, Kenya, Kuwait, Kyrgyzstan, Latvia, Lebanon, Libya, Lithuania, Malaysia, Maldives, Maluritania, Mexico, Moldova, Mongolia, Morocco, Mozambique, Myanmar [Burma], Namibia, Nepal, Nicaragua, Nigeria, Oman, Pakistan, Palestine, Panama, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Serbia, Sierra Leone, Singapore, Slovakia, South Africa, South Korea, Spain, Sri Lanka, Tanzania, Thailand, Togo, Tunisia, Turkey, Turkmenistan, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Uzbekistan, Venezuela, Vietnam, Yemen, Zimbabwe.