The creator used a strategy to sell everything immediately when it was valued high. This caused the currency’s appreciation.
Scammers were inspired by “Squid Game,” a popular Netflix series. SQUID, a cryptocurrency that Internet users can purchase to play online games and receive more tokens has been in the news recently. This project was a fraud and the person responsible could be fined millions of dollars.
In its initial days, tokens inspired from the Netflix series saw a 45,000% increase in value to $37.75 per unit. However, creators used a “carpet pulling” strategy to sell all cryptocurrencies immediately when they were high in price. The currency’s value drops, and SQUID has 0.
Gizmodo reports that the person responsible could have earned 3.38 million US Dollars from this move. SquidGame.cash’s cryptocurrency website has been deleted along with all social media accounts.
Not to be overlooked, the dedicated page warned investors about the dangers posed by this currency. CoinMarketCap even displayed a message warning that “Exercise extreme caution.” Despite these warnings, all evidence shows that cryptocurrency’s growth has been driven by the success of the series.
Eswar Prasad, Cornell University economist, told BBC: “This scheme is just one of many for naive retail customers to be lured into and exploited b a malicious cryptocurrency promoters.”
These scams are not unique to the Netflix series. A similar incident occurred in “The Mandalorian” in early 2021 due to the emergence a cryptocurrency using fictionalized images.