Squid Game Cryptocurrency Falls Destructively As Scammers Leave With Millions © AccurateGist

(Credits: YOUNGKYU PARK)

Squid Game cryptocurrency crashes as scammers walk away with millions

A digital currency dependent on Squid Game has fallen in a clear scam

The cryptocurrency token, inspired by the well known South Korean Netflix show Squid Game, crashed on Monday in a clear scam.

Crypto experts saw it coming but that didn’t stop investors from emptying cash into the dubious cryptocurrency.

The token, called Squid, was launched as the exclusive coin of the Squid Game task—a crypto play-to-procure stage where individuals purchase tokens to use in internet games.

Investors were attracted with the guarantee of acquiring more tokens which could later be traded for other cryptographic forms of money or public monetary standards.

Investors or Financial backers hurried to wager on the token to mess around dependent on the Netflix show in the task that was because of start in November. The novelty meme coin soared in esteem from under 1 penny to more than $2800 per token in only a couple of days.

On Monday, less than seven days since its launch, Squid fell destructively 100% as the owners carried off $2.5 million of investors’ money. Within a range of 10 minutes, the token went from being esteemed at $628.33 to $2,856.65 prior to tumbling to $0 according to crypto information tracker CoinMarketCap.

The ascension and crash of the Squid cryptographic money token (CoinMarketCap)

A rug pull

This sort of scam called a ‘rug pull’, happens when a token’s promoter attracts buyers, only to stop the exchanging movement and exit with the cash raised from sales. Creators cash out the coins in return for genuine cash, rapidly downgrading the crypto’s worth and making a quick $2.5 million (£1.8 million) for this situation.

Pundits say it was an undeniable scam pointing to plenty of warnings, including a three-week-old site loaded up with spelling and syntactic mistakes. The website and social media accounts advancing the token have since vanished also.

Experts say that the prevalence of Squid Game made Squid a simple offer to artless investors with FOMO.

‘People have seen what happened with other meme coins like Dogecoin and Shiba Inu, and are anxious not to miss the next one,’ said Joe Khalique-Brown, lead cryptocurrency editor at CoinJournal.

CoinMarketCap had hailed the Squid Game token for not having the option to resell. ‘Please do your own due diligence and exercise caution while trading!’, read the warning.

Netflix additionally clarified that it was not subsidiary with the token in any way.

The scam does not shock crypto veterans who pointed out the incongruity of investors trusting a coin dependent on a tragic show where one individual grabs all the cash.

Why Squid Game?

Squid Game Cryptocurrency Falls Destructively As Scammers Vamoose With Millions © AccurateGist

(Picture: YOUNGKYU PARK)

Squid Game has turned into Netflix’s most well known show

Regardless of circulating in September, Squid Game is currently at number three in Netflix‘s top ten shows watched in the U.K today.

‘Cryptocurrency scams align themselves closely to popular trends and after the hype of Squid Game, this is no different. People need to pay close attention to what they are investing in as these particular scams are not new,’ said Jake Moore, the former head of Digital Forensics at Dorset Police.

Scams identified with Squid Game are broadening beyond cryptocurrency according to global network protection firm ESET’s Malware Researcher, Lukas Stefanko.

By October 19, there were more than 200 Squid Game related applications accessible on Google Play with a large portion of them reaching a million installs in 10 days. Some of these apps had the ‘Joker‘ malware joined to them, which could put clients in danger for malicious advertisement fraud or unwanted SMS subscription actions.

Numerous amateur retail financial backers are attracted by the diversion worth of tokens dependent on well known TV shows or their cherished superstar tweeting about a coin.

‘Investors need to distinguish between entertainment value and potential investment value and look deeper into crypto themselves before making any decisions. By buying into the clickbait nature of social media, investors put themselves at increased risk,’ said Michael Kamerman, CEO of fintech company Skilling.

While this isn’t the first crypto scam, experts caution that it will not be the last.

‘We always advise our users to fully investigate what they are putting their money into before purchasing any new cryptocurrency. There are plenty of legitimate projects that are viable investments, so long as you conduct thorough research,’ said Khalique-Brown.

These supposed ‘pump and dump’ cons identified with the furthest down the line patterns ought to be a warning for purchasers.

‘People need to be mindful of the perils that come with cryptocurrencies and stick to well-reviewed known coins and exchanges. There is still no guarantee or insurance when things go wrong in the world of digital money,’ said Moore.

Regulations around digital forms of money like cryptocurrencies have been a dim region and governments are yet to find approaches that would make putting resources into crypto more secure.