The "Squid Game" inspired cryptocurrency loses value. How $ 3.38 million was earned from investor fraud
2021-11-03 16:23:30
TiranaPost
A cryptocurrency inspired by the popular South Korean Netflix series "Squid Game" has turned out to be a hoax.
Squid, who traded himself as a "cryptocurrency to play to win", had seen its value rise in recent days but did not allow investors to sell their currencies, the BBC reports.
This type of fraud is referred to as a "sludge" by crypto investors and occurs when the creator of a digital currency attracts buyers, stops trading activity and makes money with the money collected from sales.
The developers of Squid have managed to earn $ 3.38 million, according to technology website Gizmodo.
Cryptocurrency "play to win" is the place where people buy coins to use in online games and can earn more coins which can later be exchanged for other cryptocurrencies or national currencies.
Last Tuesday, Squid was trading at just 1 cent. In less than a week its price had risen to over $ 2,856. Its value has now dropped by 99.99%, according to cryptocurrency data website CoinMarketCap.
Crypto experts had warned that this cryptocurrency could be a hoax.
And most importantly, the people who bought the Squid coins were not able to sell them.
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