02-11-2021, 08:02 PM
Squid Game based crypto collapses in $3m scam
Saleha Riaz
Tue, November 2, 2021, 5:34 PM
A crypto currency inspired by the hugely popular South Korean Netflix (NFLX) series Squid Game has turned out to be a scam, with its developers reportedly making off with around $3.4m (£2.5m).
The currency, called Squid, marketed itself as a "play-to-earn cryptocurrency", where people can earn more tokens in online games which can be exchanged for other cryptocurrencies or national currencies.
It was sold as a way to play an upcoming online game based on the series.
Squid launched in late October and saw its price surge in the last few days. It went from one cent to as high as around $2,800, before plunging to $0 on Monday. Its website disappeared, along with every other social media presence, and its Twitter account, which had gained 57,000 followers, was blocked due to “unusual activity”.
Squid went from one cent to as high as around $2,800, before plunging to $0 on Monday. Chart: CoinMarketCap
“Squid Game Dev does not want to continue running the project,” the developers wrote on their Telegram channel, saying they were “depressed” by scammers and “overwhelmed with stress.”
"The value of Squid Game meme coin becoming null in a matter of minutes is a classic portrayal of superficial value maximisation," Kunal Sawhney, CEO at equities research firm Kalkine Group told Yahoo Finance UK.
"Such movements are exceptionally bizarre as people are increasingly tilting towards these unregulated instruments without actually knowing the underlying value behind them," he said.
According to him, the crypto ecosystem has flourished with bitcoin getting recognition on a conventional bourse, but emerging cryptocurrencies and meme coins remain highly susceptible "to such bamboozles" which is why institutional investors only have exposure in a handful of crypto-assets.
More details in https://finance.yahoo.com/news/squid-gam...31986.html
Saleha Riaz
Tue, November 2, 2021, 5:34 PM
A crypto currency inspired by the hugely popular South Korean Netflix (NFLX) series Squid Game has turned out to be a scam, with its developers reportedly making off with around $3.4m (£2.5m).
The currency, called Squid, marketed itself as a "play-to-earn cryptocurrency", where people can earn more tokens in online games which can be exchanged for other cryptocurrencies or national currencies.
It was sold as a way to play an upcoming online game based on the series.
Squid launched in late October and saw its price surge in the last few days. It went from one cent to as high as around $2,800, before plunging to $0 on Monday. Its website disappeared, along with every other social media presence, and its Twitter account, which had gained 57,000 followers, was blocked due to “unusual activity”.
Squid went from one cent to as high as around $2,800, before plunging to $0 on Monday. Chart: CoinMarketCap
“Squid Game Dev does not want to continue running the project,” the developers wrote on their Telegram channel, saying they were “depressed” by scammers and “overwhelmed with stress.”
"The value of Squid Game meme coin becoming null in a matter of minutes is a classic portrayal of superficial value maximisation," Kunal Sawhney, CEO at equities research firm Kalkine Group told Yahoo Finance UK.
"Such movements are exceptionally bizarre as people are increasingly tilting towards these unregulated instruments without actually knowing the underlying value behind them," he said.
According to him, the crypto ecosystem has flourished with bitcoin getting recognition on a conventional bourse, but emerging cryptocurrencies and meme coins remain highly susceptible "to such bamboozles" which is why institutional investors only have exposure in a handful of crypto-assets.
More details in https://finance.yahoo.com/news/squid-gam...31986.html