Overnight its value went from 2,861 dollars to zero. SQUID, the name of the cryptocurrency inspired by the popular Netflix series ‘The Squid Game’, has turned out to be a scam, after it was revealed that its creators have abandoned the project taking with them more than 3.38 million dollars from those who had invested.
The scam follows a well-known mechanism, where the creators suddenly sell all their cryptocurrencies taking advantage of the fact that the value is high. This sudden “flight” causes the cryptocurrency to immediately devalue. Before it was shown to be a scam, SQUID was worth around $2 million, according to CoinMarketCap.
As in the series, the participants were already forewarned
It cannot be said that this cryptocurrency was a project renowned for its stability. The token was announced as a project inspired by the series, but from the beginning there were many signs of its lack of seriousness. Starting from a website full of misspellings (which can be visited in the archive, due to the fact that it is no longer available) to another fact as obvious as that investors could buy, but not sell.
The SQUID cryptocurrency was promoted to investors in the style of ‘Play to earn’, a method also used by platforms such as ‘Axie Infinity’ where investors or players get additional tokens as they participate.
Despite using images and symbols from the series, from Netflix deny any relationship with this project.
From CoinMarketCap they showed an alert to investors that SQUID was probably a scam. The message to “exercise extreme caution” appeared. However, predictably driven by the success of the series, the cryptocurrency managed to attract a large amount of money.
Streamer watches his life savings go to zero after Squid Game Token rug pulls and drops -99.99%. pic.twitter.com/6hoDGBJeZO
— Mr. Whale (@CryptoWhale) November 1, 2021