The creators of the Squid Game-inspired cryptocurrency are now wanted. Investors who expected to get super-rich from buying the hype coin based on the popular TV series were left with nothing, and hopes for winning this game are fading with each new day.
The scammers wasted no time and actively promoted the Squid token in the first days after the launch. The frenzy in the media only added fuel to the fire as both small periodicals and broadsheets announced the launch of a new project. Amid the ongoing hype, Squid skyrocketed by 285,000%, which is too much even for the volatile cryptocurrency market. Those willing to purchase the coin did not even bother to notice that Squid could only be bought. There was no sell option. After selling the Squid Game crypto token for several days, its creators went completely off the radar. The official website stopped functioning and the Twitter account with 57K followers was suspended. According to Gizmodo, the fraudsters lured $3.38 million from investors.
Squid was launched on October 26 and cost just $0.01. Three days later, its value soared by 44,000% to $4.42. At 6 am on November 1, the coin was already worth $38. Then, the price climbed to $90 at 7 am and soared to $181 at 8 am. An hour later, the value of the cryptocurrency inspired by Netflix series Squid Game exceeded $500. Later, the token jumped to $2,861.8 in 35 minutes and almost instantly collapsed by 99.9999999%, to $0.007. “Squid Game Dev does not want to continue running the project as we are depressed from the scammers and are overwhelmed with stress,” the creators left the final message for their Telegram community.
