Why you should be wary of Squid Game-inspired cryptocurrency

A cryptocurrency named after the Korean phenomenon series Squid Game has seen its course explode in recent days. Everything suggests that this is a scam.

Cryptocurrency scams are renewing themselves, surfing on different modes. After the far-fetched story of the fake CryptoEats application, this time it is a cryptocurrency referring to the Korean series Squid Game which provokes an interest of Internet users, but especially many doubts, explains the site Numerama.

Called SQUID, the cryptocurrency was born on October 20. The craze for the series helping, its Classes exploded from almost zero value to nearly $ 7 (6 euros) in a matter of hours.

Virtual tournament

The Squid platform offers to buy tokens (the SQUID) in order to participate in a virtual tournament inspired by the mechanics of Squid Game. With these tokens, it was thus possible to access the first proof, the “1, 2, 3, Sun” of the series.

But behind this rowdy communication, several elements leave a serious doubt as to the seriousness of the initiative. Unlike other cryptocurrencies, SQUID is not available on any traditional platform, like Binance. As reported by Numerama, one of these platforms, the CoinMarketCap website, has chosen to alert its users.

“We have received many messages from users failing to resell their tokens (on the Pancake Swap platform). Please invest with caution. This project, inspired by the Netflix series Squid Game, does not seem to be officially linked to it “, CoinMarketCap alert on its page dedicated to Squid.

Netflix denies any partnership

In addition, the team behind SQUID does not hesitate to lie openly to attract the curious. On her site – which does not display any legal notice, she claims a partnership with Netflix, or the support of billionaire Elon Musk, who has a turbulent history with cryptocurrencies. Also with the specialized site, the streaming platform denies any partnership.

Despite these dubious practices to say the least, the newly created cryptocurrency’s Twitter account has more than 50,000 subscribers. This October 29, he ensures that the capitalization of all SQUIDs in circulation exceeds two billion dollars. A figure impossible to verify.

For now, if it remains difficult to ensure that Internet users who have invested in SQUIDs will lose their entire stake, all the signals seem to be red. Contacted by Numerama, but also by BBC, the creators of the cryptocurrency never responded.