Squid Game cryptocurrency creators disappear with over US$2.1 million
Last month, we reported on SQUID, a Squid Game-inspired cryptocurrency. At the time, SQUID had exceeded US$10 per coin, over a 90,000% increase in a little over a week. However, the price rocketed to nearly US$3,000 per coin yesterday, a rise of 300,000%, before plummeting to US$0.0008 within five minutes.
As it stands, one SQUID is trading for US$0.003516, having initially recovered to US$0.006784. Undoubtedly, SQUID was a scam, with people unable to sell their coins or convert them to another cryptocurrency. Initially, the creators claimed to have implemented an anti-dumping technology to prevent people from distorting SQUID's value. A second cryptocurrency would allow people to sell their stakes.
Additionally, the creators of SQUID had not officially licenced Squid Game's intellectual property, another red flag. CoinMarketCap now warns that SQUID's website and social media channels are no longer functioning, nor can anyone sell the coin in Pancakeswap.
Hence, it seems likely that SQUID has been rug pulled, with its creators depositing close to US$2.1 million in investments. It seems that another SQUID coin has already emerged with identical conditions, which will probably be rug pulled eventually, too.