Its value went from $ 2,861 to zero overnight. SQUID, the name of the cryptocurrency inspired by the popular Netflix series of ‘The Squid Game’, has turned out to be a scam, after revealing that its creators have abandoned the project taking with them more than 3.38 million dollars from those who had reversed, Gizmodo explains.
The scam follows a well-known mechanism, where the creators sell all their cryptocurrencies at once, taking advantage of the high value. This sudden “flight” causes the cryptocurrency to devalue immediately. Before it was shown to be a scam, SQUID was worth around $ 2 million, according to CoinMarketCap.
As in the series, the participants were already warned
It cannot be said that this cryptocurrency was a project recognized for its stability. The token was announced as a project inspired by the series, but from the beginning there were many signs of its lack of seriousness. Starting with a web page full of spelling errors (which can be visited in the archive, because it is no longer available) to another fact as obvious as that investors could buy, but not sell.
From CoinMarketCap they showed an alert to investors that SQUID was probably a scam. The message to “take extra precautions” appeared. However, predictably fueled by the success of the series, the cryptocurrency managed to attract a large amount of money.
The SQUID cryptocurrency was promoted among investors in the style of ‘Play to earn’, a method also used by platforms such as ‘Axie Infinity’ where investors or players obtain additional tokens as they participate.
Despite using images and symbols from the series, Netflix denies any relationship with this project.