A digital currency named after the mainstream Netflix series “Squid Game” crashed to $0 after its creators cashed out and stole an estimated $3.38 million from investors.
The cryptocurrency, named SQUID, peaked at $2,861 before losing 100 percent of its value on Nov. 1. The cryptocurrency’s self-reported market cap was at $2.3 million, according to CoinMarketCap.
CoinMarketCap warned on its website that multiple reports have shown that SQUID may have “rugged” — a “rug pull”, a term used by crypto investors is a scam where a token’s creators cash out their coins for real money.
Gizmodo first pointed out last week that the token was a scam. The “obvious” giveaway, according to Gizmodo, was that investors could only buy SQUID, not sell.
Other red flags included SQUID’s now-deleted social media accounts not allowing feedback from investors, and its now-disappeared website was filled with spelling errors.
“Squid Game” is a dystopian drama that has become Netflix’s top show globally. Netflix has denied any affiliations with the cryptocurrency inspired by the show.
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