‘Squid Game’ cryptocurrency crumbles down in a $3 million sham

Squid Game cryptocurrency crumbles down in a $3 million sham

Most of us have binge-watched ‘Squid Game’ at least one time by now and some die-hard fans have even rewatched the series more than 10 times. 

‘Squid Game’ cryptocurrency crumbles down in a $3 million sham

Hate it or love it (and you probably love it) ‘Squid Game’ has become super popular and it’s the thing everyone is talking about right now. The first season of the show took the world by storm and the feedback was immediate. People went crazy for it and the creator recently announced that season two will also come to us eventually. They’re probably working on it but while that is happening other things about the show are also gaining popularity.

‘Squid Game’ taps into people’s emotions by setting a clear boundary between money and morals. In today’s world where money is everything and people go nuts over it, ‘Squid Game’ portrays how cash can change us and how we treat others. Many nowadays live in poverty while others are getting richer by the second (think Jeff Bezos and Elon Musk) and that’s a clear imbalance leading to Gen Z’s #eattherich. The show can trigger some because it directly depicts how money can affect us negatively. The question it leaves lingering is ‘What won’t people do for money?’. Here’s what. 

When the show started trending, a cryptocurrency called ‘Squid Game’ managed to attract so many investors that its value grew to more than $2,800. What happened after is that the crypto’s creators cashed out the profits and were nowhere to be found. The cryptocurrency’s name is $SQUID and that’s not been officially sanctioned by Netflix. The currency was established at the end of October and surged up to 310,000% in only a couple of days. It was sold as a way to participate in an online game that was influenced by the South Korean show, where the characters were all in dept, which is why they play the ‘murder game’. 

‘Squid Game’ cryptocurrency crumbles down in a $3 million sham

It was 5:40 AM on Monday, November 1 when the coin’s value got down to $0, the dedicated website was closed (you can check out an archive by clicking on this link) and the currency’s Twitter account was ‘restricted’. Gizmodo mentioned that the people behind $SQUID orchestrated what in the crypto world is known as ‘rug pull’. This is a scenario where the coin’s establishers are after real money, they cash it out and then they are gone. These particular guys pulled it off by making around $3.38 million. Yep, that’s a lot of money. 

‘Squid Game’ cryptocurrency crumbles down in a $3 million sham

According to many, there were various indications revealing the fact that the cryptocurrency wasn’t authentic from the very beginning. Another fact is that many crypto-fans didn’t see the indications or didn’t think it was an issue because the deal was they get to experience a game like the one in the viral series. The currency’s website was filled with spelling and grammar mistakes and what Gizmodo also called attention to was the fact that people could purchase coins but selling them wasn’t an option. 

This whole situation, nevertheless, isn’t something new. There have been other instances of a coin influenced by a pop culture sensation and we’re sure we’ll keep seeing more of those being established. Some of them are indeed official but the crypto fans who put their money towards them need to watch out in case it’s another sham. Earlier in 2021, there was this cryptocurrency influenced by ‘The Mandalorian’ and that was another sham.

What do you think about investing in crypto? Would you fall for something like $SQUID? Let us know.