Squid Game-Inspired Crypto Token Crashes by 99.99 Percent, Creators Vanish With Over $3 Million

Following the success of South Korean survival drama sequence Squid Recreation, a cryptocurrency referred to as the “Squidgame Money” or “SQUID,” devoted to the mini tv sequence made it into the crypto-pool. The worth of this token nosedived by 99.99 p.c in latest hours after SQUID creators managed to stunt out a traditional “rug pull”. That is a rip-off the place builders abandon the undertaking and dupe traders off their cash. The crypto-coin had registered a 300 p.c worth progress on October 30, however misplaced its worth from $2,800 (Rs. 2 lakh), to its present value – which is $0.003347 (roughly Rs. 0.25).

The scammers are believed to have collected round $3.3 million (roughly Rs. 22 crore) with this undertaking, a report by Gizmodo claimed.

Impressed by the survival sequence, a web based model of the Squid Recreation was launched on-line, and to play the sport, members had been required to make use of the SQUID crypto token. Owing to the recognition of the Netflix sequence, the SQUID tokens had was obtained out there with fireworks.

However instantly issues arose across the legitimacy of this SQUID token as a result of solely buying the crypto-coin was allowed, however promoting it was not an possibility.

The web site of the SQUID token which was registered on October 12, lower than even a month in the past, has now been rendered defunct.

“We’ve obtained a number of experiences that the web site and socials are not practical and the customers are usually not capable of promote this token in Pancakeswap. Please do your individual due diligence and train excessive warning. This undertaking, whereas clearly impressed by the Netflix present of the identical title, just isn’t affiliated with the official IP,” a banner flashing on the CoinMarketCap says.

Whereas scammers liable for this crypto rug-pull stay unidentified as of now, the event created ripples on social media.

This isn’t the primary time {that a} fashionable TV present was misused to rip-off its followers by infamous cybercriminals.

Earlier this yr, scammers focused the followers of Disney’s Mandalorian streaming present with a crypto-token referred to as “Mando” – that unfolded right into a pump-and-dump rip-off, information portals had reported on the time.

Earlier in April, a report had revealed that the whole crypto crime in 2020 has amounted to round $10.52 billion (roughly Rs. 79,194 crores).

The identical report additionally highlighted that scams and frauds have plagued the crypto-space and are a significant downside that made for 67.8 p.c of the whole cryptocurrency crime in 2020.

Analyst agency Chainalysis in a latest report had revealed that at the least $815 million (roughly Rs. 6,135 crores) was despatched in crypto to rip-off initiatives from Japanese European international locations between July 2020 and June 2021.

Excited about cryptocurrency? We focus on all issues crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Devices 360 podcast. Orbital is offered on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
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