'Squid Game' cryptocurrency collapses in a $3 million scam

M. Moon@mariella_moonNovember 2nd, 2021In this write-up: news, equipment, Squid Match, fraud, rug pull, cryptocurrencySquid Match

A cryptocurrency influenced by Squid Activity effectively enticed enough buyers to see its benefit soar to in excess of $2,800… prior to its creators cashed out and vanished. The cryptocurrency identified as $SQUID, which was not formally sanctioned by Netflix, released in late Oct and rose up to 310,000 p.c in price within just just a handful of times. It was bought supposedly as a way to engage in an upcoming on-line sport based on the South Korean collection, in which folks buried in personal debt are forced to participate in a deadly activity. 

At 5:40AM on Monday morning, however, the coin’s worth plummeted to $, its web site disappeared (you can perspective an archive right here) and its Twitter account received blocked. As Gizmodo explained, its creators staged what is actually named in the crypto world as a “rug pull,” whereby the coin’s creators funds out for serious dollars and disappear. The scammers may well have designed off with as a lot as $3.38 million. 

There were multiple indications that the cryptocurrency was a fraud from the start — people today just missed or dismissed them, probably because of to the promise of a video game dependent on the well-known Netflix present. Its website was riddled with spelling and grammatical mistakes, and as Gizmodo pointed out, persons have been able to obtain cash but were not authorized to sell them. 

This isn’t the to start with time a coin based on a pop tradition phenomenon was released, and it will never be the last. Though some might be legit, those interested to spend in them will have to retain an eye out for signs of fraud. Just earlier this year, a cryptocurrency centered on The Mandalorian turned out to be a scam, as nicely.

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