A cryptocurrency impressed by Squid Game efficiently enticed sufficient buyers to see its worth soar to over $2,800… earlier than its creators cashed out and vanished. The cryptocurrency known as $SQUID, which wasn’t formally sanctioned by Netflix, launched in late October and rose as much as 310,000 p.c in worth inside just some days. It was offered supposedly as a strategy to play an upcoming on-line sport based mostly on the South Korean collection, through which individuals buried in debt are compelled to play a lethal sport.
At 5:40AM on Monday morning, nonetheless, the coin’s worth plummeted to $0, its web site disappeared (you possibly can view an archive right here) and its Twitter account acquired blocked. As Gizmodo defined, its creators staged what’s known as within the crypto world as a “rug pull,” whereby the coin’s creators money out for actual cash and disappear. The scammers could have made off with as a lot as $3.38 million.
There had been a number of indicators that the cryptocurrency was a rip-off from the beginning — individuals merely missed or ignored them, maybe because of the promise of a sport based mostly on the favored Netflix present. Its web site was riddled with spelling and grammatical errors, and as Gizmodo identified, individuals had been capable of purchase cash however weren’t allowed to promote them.
This is not the primary time a coin based mostly on a popular culture phenomenon was launched, and it will not be the final. While some could also be legit, these to put money into them must hold a watch out for indicators of fraud. Just earlier this yr, a cryptocurrency based mostly on The Mandalorian turned out to be a rip-off, as nicely.
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