The "Squid Game" cryptocurrency collapsed and its creators disappeared, earning $ 3,38 million.
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A cryptocurrency inspired by the TV series Squid Game successfully attracted several investors, and its value soared to over $2.800… before its creators cashed out and disappeared !!.
The cryptocurrency, called $SQUID , which had nothing to do with Netflix, was launched in late October and managed to increase its value by as much as 310.000 percent in just a few days. It was marketed as the supposed way to play an upcoming online game based on the South Korean series, in which people buried in debt are forced to participate in a deadly game.
However, at 5:40 a.m. Monday morning, the coin’s value plummeted to $0, its website disappeared, and its Twitter account was blocked . This type of theft, commonly called a “rug pull” by cryptocurrency investors, occurs when the creators of a cryptocurrency quickly cash out their coins for real money, depleting the liquidity pool and then disappearing.
Scammers may have made up to $ 3,38 million.
There were many indications from the beginning that cryptocurrency was a scam, but people ignored it, perhaps because of the promise of a game based on the popular Netflix show. His site was full of spelling and grammar errors and users could buy coins but were not allowed to sell them.
This is not the first time a coin based on a current event has been issued and it will not be the last. Those interested in investing in new cryptocurrencies should be on the lookout for signs of fraud.
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