Over $2 Million Disappears After Unofficial ‘Squid Game’ Crypto Devaluation

The uncensored SQUID Game cryptocurrency that played the popular Netflix series hit investors hard and sparked accusations of fraud, as those who bought it saw its value plummet today.

The digital original was released on October 21, using images from the Squid Game series without Netflix’s permission.

The South Korean series was described by the streaming television powerhouse as the most watched program in its history.

The value of the cryptocurrency called “SQUID” quickly rose from pennies at launch to $2,856 yesterday (€2,466), according to specialist website CoinMarketCap.

But it fell faster and was worth less than a penny today, after its creators converted an estimated 2.5-3.5 million dollars into other currencies.

Squid Crypto Coin game today…
1:35am: $38.19
2:35am: $89.91
3:35am: $93.64
4:35am: $434.70
5:35am: $2,856.64
5:40 AM: $0.0007926$ squid pic.twitter.com/uN6walQRqC

– Charliebilello November 1, 2021

The massive withdrawal caused the squid to become virtually worthless, bearing the marks of a scam dubbed « rug pulling » in reference to a carpet plucked from under the feet of investors.

« There is increasing evidence that this project is solid, » CoinMarketCap said in a message on the SQUID page on its website.

Although this project is clearly inspired by the Netflix show of the same name, it is not affiliated with the official IP.

Those who bought SQUID in online posts said they could not sell or convert digital assets into other forms of currency, according to social media posts.

Criminal prosecutions in such cases are unheard of due to the difficulty of identifying and finding those behind them, as well as the lack of binding systems in many countries.

The SQUID website has been closed with social networking accounts associated with the project.