Squid Game cryptocurrency collapses after developers "escaped"

Squid Game cryptocurrency collapses after developers "escaped"
Squid Game cryptocurrency collapses after developers "escaped"

Media said that a cryptocurrency inspired by the most successful Netflix show, the Korean series Squid Game, succeeded in attracting enough investors to see its value rise to more than $ 2,800, before its creators benefit from it and then disappear after that leaving investors behind, confirming that it is It was a scam from the start.

The specialized website Engadget said that the cryptocurrency called $ SQUID, which has not been officially approved by the Netflix platform that owns the intellectual rights of the Korean series, was launched in late October and its value rose to 310,000% within a few days. It was sold as a way to play an upcoming online game based on the South Korean series, where buried people are forced to play a deadly game.

According to the same source, at 5:40 am on Monday morning, the value of the cryptocurrency $ SQUID fell to $ 0, her website disappeared and her Twitter account was banned. Its creators have also organized what is called in the cryptocurrency world as a “rug pull,” where currency creators take advantage of real money and disappear. The news says that scammers may have stolen up to $3.38 million.

Despite the shock of the scam, there were several signs that the cryptocurrency was a scam from the start despite the investors being ignored, and among these signs was that the cryptocurrency website was full of spelling and grammatical errors, and people were able to buy coins But they were not allowed to sell it.
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