Squid Game crypto plunges after creators cash out

A digital forex primarily based off the favored Netflix sequence “Squid Recreation” is buying and selling at US$0 after its creators cashed out, successfully stealing an estimated $2.1 million from buyers.

The cryptocurrency, appropriately referred to as SQUID, surged as excessive as $2,861 earlier than falling to $0 as of Monday, in accordance with CoinMarketCap. The rip-off, which was reported by Gizmodo, is known as a “rug pull.” Meaning the crypto’s creators money out of their cash in trade for actual cash, rapidly devaluing the crypto’s worth.

Earlier than the rug pull, the crypto’s market cap was a bit of greater than $2 million, in accordance with CoinMarketCap.

SQUID was billed as a token that can be utilized for a brand new on-line recreation impressed by the favored Korean language sequence, which relies on a lethal event of kids’s video games. GIzmodo identified quite a few indicators it was a rip-off, together with its (now disappeared) web site being stuffed with spelling errors. One other pink flag: Traders might purchase — however not promote — SQUID.

CoinMarketCap additionally warned potential buyers that SQUID was most likely a rip-off, displaying a warning to “train excessive warning” in the event that they purchased the crypto.

“Squid Recreation”— a dystopian fictional drama — has turn into Netflix’s prime present globally. The corporate advised CNN Enterprise earlier this month that it had been seen by 111 million accounts since its debut in September, making it the corporate’s “biggest-ever” sequence launch. Executives have pointed to the present as proof that its rising slate of worldwide content material can resonate with quite a lot of audiences.

Netflix advised CNN Enterprise final week that it was not affiliated with the cryptocurrency, and declined to remark additional.

CNN Enterprise reached out to builders of the SQUID mission via contact data listed on its web site, and didn’t instantly obtain a response.

CNN Enterprise’ Michelle Toh contributed to this report.

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