83,000% collapse and deceived people. Squid Game-inspired cryptocurrency has lost all value, the creators have stolen millions – FonTech

The new digital cryptocurrency SQUID, the origin of which was inspired serial hit of Netflix Squid Game, has weakened sharply in value and is currently virtually worthless. It was another scam in the world of cryptocurrencies, which made the creators millionaires, he informs Gizmodo.

The SQUID digital token was presented by the creators as a new cryptocurrency needed to play the online game Squid Game. However, the token side itself showed several warning signs of fraud – it contained critical ambiguities regarding the use of the token and also a number of grammatical errors. In addition, after the purchase of SQUID, investors could not sell the currency.

However, the immense popularity of the Squid Game series did its thing, and several investors began to buy SQUID headless after its release on October 26. The sale price then started at one cent, a few days later the value of the cryptocurrency skyrocketed by more than 83,000% and at one point, according to CoinMarketCap sold for as little as $ 2,861.

A few hours later, however, the price of SQUID dropped dramatically and its current value is approximately $ 0.003. In the meantime, the official website of the cryptocurrency has been deleted by the creators, as well as all channels on social networks have disappeared.

So the warnings turned out to be true, and it is clear that this was another scam in which the creators took advantage of the popularity of the well-known name and withdrew money from naive investors. In this case, estimates say the fraudsters improved by about $ 3.3 million (€ 2.85 million).

Nothing new

As he informs BBC, similar practices are nothing new in the world of cryptocurrencies. Fraudsters entice naive investors to look for quick earnings, which they intensify by abusing the popularity of well-known media brands.

In the past, investors have come across, for example, the cryptocurrency Mando, whose creators abused the popularity of the Mandalorian series without Disney’s consent. Similar tokens appear on decentralized exchanges, and due to the lack of regulation, it is easy to run into fraud on the first days after listing. This is one of the reasons why novice crypto enthusiasts are advised to carefully consider all investments.