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The new cryptocurrency, which appeared in the wake of the popularity of the TV series Squid Game, attracted such a number of investors that in just a few days its rate soared to $ 2.8 thousand. However, soon its promising future scattered to smithereens - the creators of the cryptocurrency quickly withdrew all the money and disappeared.
A cryptocurrency called $ SQUID (its creators did not receive any permission from Netflix to use the name) was sold ostensibly for an upcoming online game based on the popular South Korean TV series.
In just a few days last month, the value of $ SQUID rose by 310%, but as of Monday morning, November 1, the rate of the newly minted cryptocurrency was $ 0. The $ SQUID website disappeared and the Twitter account was blocked.
As Gizmodo explains, the creators of the cryptocurrency have performed a fraudulent scheme known in the crypto world as "pulling the rug" (rug pull), when scammers issue a coin, fan the hype around it, and when users buy these coins, they withdraw money and disappear. In the case of $ SQUID, the scammers were able to "earn" $ 3.38 million.
There were signs that the emergence of a new cryptocurrency was a scam from the very beginning, but users either did not notice them or ignored them, so much they wanted to play the advertised game. The $ SQUID site was teeming with spelling and grammatical errors, and users were only allowed to buy and not sell cryptocurrency, but this did not alarm anyone.
