Squid Game-Inspired Crypto Token Crashes by 99.99 Percent, Creators Vanish With Over $3 Million
Following the success of South Korean survival drama sequence Squid Sport, a cryptocurrency referred to as the “Squidgame Money” or “SQUID,” devoted to the mini tv sequence made it into the crypto-pool. The worth of this token nosedived by 99.99 p.c in latest hours after SQUID creators managed to stunt out a basic “rug pull”. That is a rip-off the place builders abandon the undertaking and dupe traders off their cash. The crypto-coin had registered a 300 p.c worth progress on October 30, however misplaced its worth from $2,800 (Rs. 2 lakh), to its present worth – which is $0.003347 (roughly Rs. 0.25).
The scammers are believed to have collected round $3.3 million (roughly Rs. 22 crore) with this undertaking, a report by Gizmodo claimed.
Impressed by the survival sequence, a web based model of the Squid Sport was launched on-line, and to play the sport, contributors have been required to make use of the SQUID crypto token. Owing to the recognition of the Netflix sequence, the SQUID tokens had was obtained available in the market with fireworks.
However instantly considerations arose across the legitimacy of this SQUID token as a result of solely buying the crypto-coin was allowed, however promoting it was not an possibility.
The web site of the SQUID token which was registered on October 12, lower than even a month in the past, has now been rendered defunct.
“We’ve got obtained a number of reviews that the web site and socials are now not practical and the customers should not in a position to promote this token in Pancakeswap. Please do your individual due diligence and train excessive warning. This undertaking, whereas clearly impressed by the Netflix present of the identical title, just isn’t affiliated with the official IP,” a banner flashing on the CoinMarketCap says.
Whereas scammers answerable for this crypto rug-pull stay unidentified as of now, the event created ripples on social media.
This isn’t the primary time {that a} in style TV present was misused to rip-off its followers by infamous cybercriminals.
Earlier this yr, scammers focused the followers of Disney’s Mandalorian streaming present with a crypto-token referred to as “Mando” – that unfolded right into a pump-and-dump rip-off, information portals had reported on the time.
Earlier in April, a report had revealed that the entire crypto crime in 2020 has amounted to round $10.52 billion (roughly Rs. 79,194 crores).
The identical report additionally highlighted that scams and frauds have plagued the crypto-space and are a serious drawback that made for 67.8 p.c of the entire cryptocurrency crime in 2020.
Analyst agency Chainalysis in a latest report had revealed that no less than $815 million (roughly Rs. 6,135 crores) was despatched in crypto to rip-off initiatives from Jap European nations between July 2020 and June 2021.
