Last week, a brand new ‘SQUID’ cryptocurrency was believed to be the most well liked factor in crypto. Now, it is confirmed to have been nothing however an enormous rip-off.

Squid Game is one of the hottest things on the planet right now, and utilizing the present’s recognition as inspiration, nameless crypto scammers simply made off with tens of millions of {dollars} inside every week. Since its Netflix release on September 17, Squid Game has confirmed to be a house run. It drew in over 111 million viewers, is estimated to generate $900 million for the streaming large, and remains to be a worldwide phenomenon practically a month and a half after its release.

As with any common IP, it creates a hurricane of numerous corporations attempting to get in on the motion — and lots of of them aren’t doing so with good intentions. A primary instance of this occurred again in April with the ‘Mando’ cryptocurrency. Following the wild success of The Mandalorian on Disney+, a cryptocurrency called ‘Mando’ started making the rounds online. Mando was paraded as a legit new coin, however shortly after its release, it turned out to be a giant rip-off — costing one TikTok influencer $10,000.

Related: Dating App Scammers Tricked Singles Into Buying Fake Crypto

Fast ahead to November 2021, and one thing related has occurred once more. Last week, a brand new coin referred to as ‘SQUID’ began making the rounds as a Squid Game-themed cryptocurrency. The coin clearly had no affiliation with Netflix or the present’s creators, but it surely used the title to draw individuals acquainted with the sequence. Gizmodo stories that the now-deleted web site was riddled with spelling and grammatical errors, the SQUID Twitter account did not enable any replies to its posts, and the coin’s official Telegram channel prohibited feedback from anybody. All crimson flags, proper? That did not cease main information shops like CNBC and BBC from reporting the information. SQUID saved rising in recognition, the coin’s value shot up by 83,000 %, and it hit a peak worth of $2,861 per coin. Around 5:40 AM ET on November 1, nevertheless, SQUID’s worth shot all the way down to $0.

How The Squid Game Crypto Scam Worked

Value chart of the SQUID coin, per the CoinMarketCap website

What within the heck occurred right here? If you go to SQUID’s Telegram channel, there is a pinned message from the creators claiming that somebody was attempting to hack their Twitter account and “smart contract.” The nameless message continues with a pity story for the SQUID creators, saying, “We are trying to protect it but the price is still abnormal. Squid Game Dev does not want to continue running the project as we are depressed from the scammers and is [sic] overwhelmed with stress.” In actuality, this was all deliberate from the start. That’s as a result of the SQUID cryptocurrency was nothing however a ‘rug pull’ crypto.

While some cryptocurrencies like Bitcoin, Dogecoin, and Litecoin are legit types of digital forex, others like Mando and SQUID exist for the only real objective of ripping individuals off. They pop up out of nowhere, create an unlimited quantity of hype, get as many individuals to speculate as attainable, after which run off with the funds earlier than anybody’s the wiser. In the case of SQUID, particularly, anybody who invested cash did not have the choice to promote their coin. Once somebody invested in SQUID, there was no approach to flip it again into every other forex. Thanks to all the buzz surrounding SQUID and its doubtful investing setup, the oldsters behind the coin ended up with a cool $2.1 million. Even higher, it is uncertain these funds will ever be returned to the individuals who misplaced them.

If something, this could function a reminder to be conscious of any crypto investing you decide to do. Do your analysis, by no means make investments greater than what you are keen to lose, and attempt to stick to cash which have confirmed to be real. SQUID will likely be removed from the final crypto rip-off of its form, however here is to hoping persons are higher ready when the following huge one rears its ugly head.

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