A cryptocurrency inspired by the Korean series "Squid Game" has plummeted to nothing after skyrocketing from one cent to $2800 within a few days. The fame and success of the recently aired Netflix series made it easy to lure naive investors through this cryptocurrency. Before investors realized the trap set for them, the rug was pulled out, and the money disappeared.
The SQUID coin, launched on October 20, deceived shareholders with promises of exceptional success through a fictitious online game project. This led to a rush of investors buying the coin, causing its value to soar by 310,000 percent. After the price reached $2860, the founders of the coin fled within seconds, shutting down all their social media accounts and the website, transferring the "loot" to inaccessible financial accounts, estimated to be over $3 million.
Warnings from some investors about their inability to sell their coins were not enough to deter others from entering. The SQUID coin was not the first instance of fraud, and it likely won’t be the last, especially when greed drives individuals to pursue unrealistic profits in a short time without performing even the basic due diligence of understanding the risks involved in investing in these cryptocurrencies.
