The new cryptocurrency SQUID, based on the popular Netflix series Squid Game, became a hot topic last week due to its surge. Gizmodo reported that it was in the news again after the creators finished the project and disappeared completely from the internet.
Last week, we reported that the new cryptocurrency, Shiba Inu, rose 7 million percent in just one year after its launch, and that the new cryptocurrency hit the market almost every day. Inspired by the Netflix series, Squid was one of the cryptocurrencies launched last week. Surfing on the popularity of the series, crypto creators can use coins in online playable versions of squid games, allowing users to earn more coins and collect them for real money.
Needless to say, the creators of cryptocurrencies had nothing to do with the creators of the series or Netflix. In search of quick money, investors may have bought cryptocurrencies and were pleased to see their value soar to $ 2,856, which is part of a small penny at launch. Gizmodo reports that while all major media have covered this sharp rise in value, it remains suspicious & highlighted the red flags.
One of those warning signs was a spelling and grammatical error on website launched just a few weeks ago. It is no longer published, but can be viewed in the Internet Archive. The site also received a tweet from Elon Musk and used it to get it out of context to promote its cause.
The biggest sign that something was wrong was that cryptocurrency buyers couldn’t sell it. The BBC reports that SQUID was sold on crypto exchanges such as Pancakeswap and DODO. These are decentralized, but not very cautious before listing them.
In the so-called ‘rug pull’ when defining fraud, the creator ended the project when he made the right amount of investment. Investors are estimated to have lost a total of $ 3.38 million due to no means to cash out, Gizmodo reported. The value of cryptocurrencies dropped to $ 0 within a few hours.
This is not the first time the series has been used to commit fraud. Earlier this year, a cryptocurrency called Mand was introduced. This was inspired by another popular series called The Mandalorian with a similar modus operandi, Gizmodo reported.