Since the viral smash hit Korean series Squid Game launched on Netflix, a cryptocurrency project named after the show called Squid (SQUID) quickly garnered attention in late 2021. Its value initially skyrocketed before plummeting amidst allegations of being a scam. This leaves many wondering – can Indians still buy Squid crypto?

What Happened to Squid Token?

Shortly after launching in October 2021, Squid’s value leapt from under $0.01 to over $2,856 before suddenly cratering to near zero days later. Developers apparently cashed out investor funds, leaving the project discontinued. This “rug pull” means Squid is considered worthless.

Besides abandoning the crypto and making off with liquidity, critics highlighted how Squid’s whitepaper contained plagiarized content from established coins. Its anti-dumping mechanism also made selling impossible, locking holders into losses.

Is Squid Legal in India?

As Indian regulatory authorities like RBI and SEBI have not outright banned trading cryptocurrencies, citizens can technically still access speculative coins like Squid legally. Instead, policies make conducting crypto transactions difficult through traditional banking channels.

However, after Squid’s epic pump and dump downfall exposed its illegitimacy, Indian exchanges like WazirX hurried to reassure users they will not list blatant scam tokens. So odds remain slim of Squid becoming tradeable on domestic Indian platforms anytime soon.

International Buying Options

If still determined to somehow buy discarded Squid tokens, the only remaining options are overseas exchanges lacking ties to India’s regulatory bodies. But locating active markets still trading Squid is improbable. And risks of being scammed again while attempting this makes trying clearly inadvisable.

 While authorities worldwide now investigate its fraudulent activities, Indians and most global citizens are well advised to avoid the damaged coin. With buyers extremely limited, no practical avenues exist to purchase Squid crypto in India.

By Karl

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