Squid Game Cryptocurrency Crashes by 99.99% Because of Scammers

Netflix’s most successful drama series Squid Game-inspired cryptocurrency turned out to be a scam. Squid Game crypto drops its worth overnight following huge spikes. The Squid Game cryptocurrency is known as “Squidgame Cash” or “SQUID,” dedicated to a television series that entered the crypto-pool. The value of “Squidgame Cash” decreased by 99.99 percent in the last few hours, and creators vanished with more than $3 Million. Then Squid creators succeeded in pulling out the money. It is a scam where developers discard policies and deceive investors of their money. Reportedly, 300 percent price rise in crypto-coin on October 30. However, its value has increased from $2,800 to its current price – which is $0.003347.

According to a Gizmodo report, the scammers are determined to earn around 3.3 million through the project. Squid Game is a survival series launched online as a game where players have to use a SQUID Crypton token. Because of the fame of Netflix’s drama, SQUID tokens were sold in the market along with crackers. Suddenly there was a suspicion about the value of this SQUID token because people are allowed to buy only a crypto coin. They can’t sell them. The SQUID token website was launched on October 12, and now it is closed.

As stated in the banner displayed on CoinMarketCap, “We have received many reports that the website and social media are no longer working and users are not able to sell these tokens in PancakesSwap. Please do your best and be extremely careful. While explicitly inspired by the Netflix show of the same name, this project is not affiliated with the official IP.”

The scammers are accused of this crypto rug pull. This is not the first time to misuse the most popular TV shows. Notorious cybercriminals have deceived fans in the past. Previously, scammers targeted Disney’s Mandalorian streaming show and launched a crypto-token called “Mando.”