Squid Cryptocurrency Founders on “The Squid Game” Made $3.38 Million and Escaped

What is known about this scam?

The series launched its Squid currency as an exclusive coin for a game based on the show. Presales of the tokens opened on Oct. 20. An online tournament consisting of six rounds, like the original series, was to begin in November. The company noted that the game will be quite safe. The developers even launched a website for the game. The web resource is not working right now.

To participate in the game, you would have to pay 456 SQUID for the first round and 1,000 SQUID for the second.

Yesterday, the value of a single Squid token reached $2,861 and dropped to almost zero in five minutes.

As CoinMarketCap notes, not all owners of this cryptocurrency were able to sell it on the popular Pancakeswap exchange, so the reliability of SQUID was questionable.

“We have received numerous reports that Squid’s website and social networks are no longer working, users cannot sell token on Pancakeswap. Please do your due diligence and exercise caution,” CoinMarketCap (CMC) stated.

CoinMarketCap also tried unsuccessfully to contact the founders of the cryptocurrency.

Fraud-checking resource Scamadvise gave the token site a 45 out of 100 in its trust rating. It deemed it suspicious.

Netflix has already stated that it has nothing to do with the cryptocurrency and does not support it.

What is known about the creators of this cryptocurrency?

After the price of the cryptocurrency collapsed, the official Squid token Telegram channel posted a message on behalf of the cryptocurrency’s creators.

“Who is trying to break our project for several days in a row. We are trying to protect it, but the price of tokens is still abnormal. We don’t want to continue working on the project because we are overwhelmed by constant attacks from scammers and are under continuous stress. We need to remove all restrictions on cryptocurrency transactions. Squid Game will enter a new stage of autonomy”

One Reddit user stated that minutes before the cryptocurrency rate collapsed, most of the purchased tokens were sold.

According to Gizmodo, the cryptocurrency founders may have made $3.38 million from their scam. One investor, who remains anonymous, told CoinMarketCap that he invested $5,000 in tokens and lost everything after the collapse.