Amid the worldwide success of Squid Game by Netflix, a group with no affiliation to the creators of the show has launched a cryptocurrency called Squid. The start-up has made a splash around the world. The number of people who wanted to buy the unique coin first was enormous.
However, it turned out that the cryptocurrency was launched by a group of scammers. The anonymous founders of Squid announced the closure of the project and disappeared with $2.1 million. None of the cryptocurrency buyers were paying attention to the fact that the currency could only be purchased but not sold. They were confused by a rising value. According to CoinMarketCap, Squid hit a high of just over $2,861 per token and then plummeted to effectively zero. The creators of the crypto quickly cashed out their coins for real money, draining the liquidity pool from the exchange.
Leading news agencies run headlines about how the new cryptocurrency had soared by 83,000% over just a few days. This has contributed to a frantic growth in demand. It looked like a promising meme project, but in reality, it was just a scam. Many experts believe that if the creators had continued working on it, they could have raised well over $2 million.
The series Squid Game tells the story of a deadly competition between 456 adults for a cash prize of $38.5 million. According to Netflix, the project garnered a record 111 million fans in October. The creators of the series decided to make the game a virtual reality by inviting everyone to participate.
