A digital currency based on Netflix TV show “Squid Game” suffered a massive blowback Monday (Nov. 1) and is now trading at $0, with the creators cashing out, according to CNN Monday (Nov. 1).
The move means the creators essentially stole $2.1 million from investors. The crypto, called SQUID, had gone as high as $2,861 with a market cap just over $2 million before Nov. 1.
It’s now down to $0 in what Gizmodo has called a scam and a “rug pull,” referencing when the creators cash out their coins in exchange for real money, rapidly devaluing the crypto.
We’d love to be your preferred source for news.
Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!
SQUID was reportedly billed as a token to be used for a new online game that has been inspired by the TV show, which centers around a group of South Korean citizens playing deadly games to try and win large sums of money from a shadowy cabal. Netflix said the show has become its biggest-ever series launch, with 111 million accounts watching it since it came out in September.
The CNN report cites Gizmodo’s several indicators that SQUID was a scam, with the website being “filled with spelling errors” and the fact that investors could only buy the coin, not sell it. In addition, CoinMarketCap reportedly warned that SQUID was a scam and said investors should “exercise extreme caution.”
PYMNTS reported on the SQUID crypto last week, writing then of the possibility that it was a scam, and that users weren’t able to sell on decentralized exchange Pancakeswap, without any clear reason for that being the case except a SQUID white paper saying the coin had “anti-dumping” technology making it so coins can’t be sold without some conditions being met.
Advertisement: Scroll to Continue
Read more: Netflix’s ‘Squid Game’ Spawns Crypto Coin With Market Cap Above $174M
As of Oct. 28, the coin was trading at $2.22 and was up 2,400%, with the market capitalization sitting at $174 million.
Add as Preferred Source
