'Squid Game' Cryptocurrency Collapses, Developers Scam Investors of $2.1 Million USD

The Squid token’s website and social channels went dark after the price increased more than 310,000%.

Tech
27,657 Hypes 9 Comments

The anonymous scammers behind the Squid Game cryptocurrency have officially gone dark from the project and have made off with approximately $2.1 million USD.

According to CoinMarketCap, the price for the SQUID token peaked at $2,861 USD before it fell to $0 USD. Gizmodo describes this incident as a “rug pull” by crypto investors, where crypto creators cash out quickly “and drain the liquidity pool from the exchange.”

The SQUID cryptocurrency only surfaced last week but many investors called out the red flags online, citing a website that showcased wrong spelling and grammatical errors as well as a three-week-old website that was not updated. Others also pointed out that the currency’s Telegram channel, allegedly set up by the scammers, did not allow comments, which is an immediate red flag. Meanwhile the website, which was hosted at SquidGame.cash along with its social accounts, has seemingly disappeared after price increases of more than 310,000%.

The token itself was available for purchase in mid-October. The cryptocurrency stemmed from the idea that it would be a pay-to-play token for an online game inspired by the hit series. The developers promised that the game would launch in November, however, now it seems that they have gone completely dark, further confirming that the cryptocurrency has been fraudulent. CoinMarketCap previously warned investors as some had trouble selling their tokens.

There is currently no word on who is behind the $2.1 million USD SQUID scam. Check out some of the reactions below.

In other Squid Game news, a giant fully functioning Squid Game “Red Light, Green Light” doll has appeared in Sydney.

Read Full Article

What to Read Next

Netflix Teases 'Squid Game' Universe, Officially Confirms Season 2
Entertainment

Netflix Teases 'Squid Game' Universe, Officially Confirms Season 2

“The ‘Squid Game’ universe has just begun”

‘Squid Game’ Creator Developing New Satirical Series Based on His Experience of Becoming an Overnight Hit
Entertainment

‘Squid Game’ Creator Developing New Satirical Series Based on His Experience of Becoming an Overnight Hit

Hwang Dong-hyuk also opened up about the pressure he feels with ‘Squid Game’ season two.

'Squid Game' Director Teases Potential Season Two Plotline
Entertainment

'Squid Game' Director Teases Potential Season Two Plotline

Sharing what he hopes Gi-hun will learn in the upcoming season.


Stickymonger’s Latest Figurine Taps Into the Hit Korean Series ‘Squid Game’
Art

Stickymonger’s Latest Figurine Taps Into the Hit Korean Series ‘Squid Game’

Made in conjunction with AllRightsReserved.

Ulysse Nardin's UFO Table Clock for Only Watch Is an Electric Orange Work of Art
Watches

Ulysse Nardin's UFO Table Clock for Only Watch Is an Electric Orange Work of Art

Displaying three time zones.

Celebrate HYPEBAE's 5th-Anniversary With Its Shake Shack Supernova Shake
Food & Beverage 

Celebrate HYPEBAE's 5th-Anniversary With Its Shake Shack Supernova Shake

Part of an out-of-this-world collaboration.

Bonhams to Auction Works by Keith Haring, Robert Colescott and More
Art

Bonhams to Auction Works by Keith Haring, Robert Colescott and More

Featuring a collection of post-war and contemporary artworks.

Baskin-Robbins Carves a Turkey Cake Stuffed With Ice Cream
Food & Beverage

Baskin-Robbins Carves a Turkey Cake Stuffed With Ice Cream

Guests will definitely do a double take at the dessert table.

Facebook Recently Verified a Bitcoin Scammer Posing as Elon Musk
Tech

Facebook Recently Verified a Bitcoin Scammer Posing as Elon Musk

The page is currently “unavailable.”


Coca-Cola Reported to Buy BodyArmor Stake from Kobe Bryant Estate for $400 Million USD
Food & Beverage 

Coca-Cola Reported to Buy BodyArmor Stake from Kobe Bryant Estate for $400 Million USD

The $6 million USD initial investment could smash the late basketball star’s career earnings.

Norman Reedus and Sean Patrick Flanery Are Returning for 'Boondock Saints III'
Entertainment

Norman Reedus and Sean Patrick Flanery Are Returning for 'Boondock Saints III'

Creator Troy Duffy is also back as the director.

Diego Rivera's "City of Arts" in Mexico Realized After 80 Years
Art

Diego Rivera's "City of Arts" in Mexico Realized After 80 Years

A 64,600 square foot art oasis found in Coyoacán.

Rolling Stone Unveils First Ever Digital Cover NFTs With Bored Ape Yacht Club
NFT

Rolling Stone Unveils First Ever Digital Cover NFTs With Bored Ape Yacht Club

The full collection will feature seven pieces.

Take a First Look at the CLOT x Air Jordan 5 Low
Footwear

Take a First Look at the CLOT x Air Jordan 5 Low

Continuing its relationship with Jordan Brand.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Looks like you’re using an ad-blocker

We charge advertisers instead of our readers. Support us by whitelisting our site.

Whitelist Us

How to Whitelist Us

screenshot
  1. Click the AdBlock icon in the browser extension area in the upper right-hand corner.
  2. Under “Pause on this site” click “Always”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the AdBlock Plus icon in the browser extension area in the upper right-hand corner.
  2. Block ads on – This website” switch off the toggle to turn it from blue to gray.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the AdBlocker Ultimate icon in the browser extension area in the upper right-hand corner.
  2. Switch off the toggle to turn it from “Enabled on this site” to “Disabled on this site”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the Ghostery icon in the browser extension area in the upper right-hand corner.
  2. Click on the “Ad-Blocking” button at the bottom. It will turn gray and the text above will go from “ON” to “OFF”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the UBlock Origin icon in the browser extension area in the upper right-hand corner.
  2. Click on the large blue power icon at the top.
  3. When it turns gray, click the refresh icon that has appeared next to it or click the button below to continue.
screenshot
  1. Click the icon of the ad-blocker extension installed on your browser.You’ll usually find this icon in the upper right-hand corner of your screen. You may have more than one ad-blocker installed.
  2. Follow the instructions for disabling the ad blocker on the site you’re viewing.You may have to select a menu option or click a button.
  3. Refresh the page or click the button below to continue.