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A digital token inspired by the popular Netflix show “Squid Game” managed to soar over 100,000% before being flagged as a scam earlier this week.
Marketed as a “play to earn” opportunity, Squid launched at a price of just $0.01 (one cent) before soaring to over $2,800 within a matter of days. Catapulted to fame by the cult-like following of the South Korean show, and further reassurances across media outlets as to its legitimacy, Squid’s unknown creators managed to make out with $3 million dollars (traced back to transactions to an unknown wallet) while investors lost everything.
Looking for answers, investors found the project’s website, squidgame.cash, along with its social media profiles deleted.
Archived pages of the project’s now defunct website that are floating online reveal that it had promised investors that they would be a part of a virtual game similar to the one seen in the show, also promising rewards.
As news of the scam broke, Netflix rushed to vehemently deny any connection to the project and distance itself, all while the coin’s value crashed to $0.
This type of scam is typically called a rug pull scam, wherein promoters of a certain investment scheme draw in buyers and then halt trading activities, often disappearing with the earnings shortly thereafter.
Unfortunately, the crypto market is lush with scams. We urge investors to be careful and to exercise caution before making purchases. If you would like to know about some of the more vetted, established, and reliable cryptocurrencies out there, be sure to read up on Dchained’s Investor Guides, curated for beginners. In order to make your life easier, we also wrote an explainer on how to avoid crypto scams and rug pulls.
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