Squid Game Cryptocurrency $SQUID Crashed on Monday in an Apparent Scam, Investors Lose Millions of Dollars
$SQUID, a cryptocurrency token inspired by the South Korean Netflix series Squid Game, soared by 83,000 % before unexpectedly collapsing on Monday in an alleged rug pull scam with investors losing $3.4 million.
A crypto coin called $SQUID was released on October 26 by an organization that had no connections to the show’s producers, and it skyrocketed in popularity. SQUID tokens were originally worth $0.0 when they were first introduced.
The price began to increase significantly on November 1, but a so-called “anti-dumping mechanism” prevented investors from selling SQUID. According to Threatpost, all it took to keep investors from selling was a simple piece of code.