Squid Game Crypto Scam
A digital currency was created called SQUID, and it was based on the popular Netflix Series "Squid Game." It is reported that the coin is trading at $0 after its creators cashed out, stealing an estimated $2.1 million from investors. This coin surged as high as $2,861 before falling to $0 as of Monday, according to CoinMarketCap. This scam that the creators did is called a "rug pull." That means the crypto's creators cash out of their coins in exchange for real money, quickly devaluing the crypto's value. Before the rug pull, the crypto's market cap was a little more than $2 million, according to CoinMarketCap.
SQUID was a token that could be used for a new online game inspired by the TV Show "Squid Game." If you are not familiar with the TV Show "Squid Game." It is a tv show in which contestants accept an invitation to compete in a children's game for a cash prize, but the stakes are deadly. It was released on September 17, 2021, and it became Netflix's top show globally. Since its debut in September, it has been viewed by 111 million accounts, making it the company's "biggest-ever" series launch.
Articles were stating to exercise caution when investing in this coin because there is a possibility that it might be a scam. Yet, some people ignored it and invested like this Shanghai investor who invested his life savings of $28,000 in this coin. When Bernard heard of this token, all he could think about was that since the tv show is popular, the coin must be too. With instant regret, Bernard doesn't know how to recover from this loss. With this tragedy comes a lesson, in which before you invest, make sure to research what you are getting into. SQUID coin is not the only crypto created for a "rug pull"; there are more out there. So be cautious and invest smartly.