‘Squid Game’ cryptocurrency collapses in $ 3 million scam
A cryptocurrency inspired by Squid game managed to attract enough investors to see its value soar to over $ 2,800 … before its creators cashed in and faded away. The cryptocurrency called $ SQUID, which has not been officially sanctioned by Netflix, was launched in late October and reached 310,000% in value in just a few days. It was allegedly sold as a way to play an upcoming online game based on the South Korean series, in which people in debt are forced to play a deadly game.
At 5:40 a.m. on Monday morning, however, the coin’s value dropped to $ 0, its website was gone (you can see a archive here) and his Twitter account has blocked. As Gizmodo explained, its creators staged what is called in the crypto world as a “carpet draw,” in which the creators of the coin cash in for real money and disappear. The crooks may have made up to $ 3.38 million.
There were several signs that the cryptocurrency was a scam from the start – people simply missed or ignored them, possibly due to the promise of a game based on the popular Netflix show. His website was riddled with spelling and grammar mistakes, and like Gizmodo pointed out, people could buy coins but were not allowed to sell them.
This isn’t the first time that a play based on a pop culture phenomenon has been released, and it won’t be the last. While some may be legitimate, those who wish to invest in them will need to keep an eye out for signs of fraud. Earlier this year, a cryptocurrency based on The Mandalorian proved be a scam, also.