Some unknown scammers managed to collect USD3.3 million within a week, following the creation of the Squid Game-inspired Crypto token application called the “Squidgame Cash” or “SQUID.”
Those scammers took advantage of the success of the South Korean drama series, followed the “rug-pull” trick of a digital currency that they launched for trading, and then suddenly disappeared.
The scam occurred when developers gave up on the project and dupe investors off their money. The crypto-coin had recorded a 300% value growth on October 30 but lost its value from USD2,800 to its current price – which is USD0.003347, according to the gadgets website.
Inspired by the popular Netflix series, the game required players to use the SQUID crypto-token, but immediately concerns arose around the legitimacy because only purchasing the crypto-coin was allowed, but selling it wasn’t an option.
Since the broadcast of the South Korean series on Netflix, it was watched by 132 million people within the first 23 days, and estimated to be worth almost USD900 million, Bloomberg News reported, citing figures from internal Netflix document.
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