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Squid Game cryptocurrency creators disappear with over US$2.1 million

There were hardly any winners from SQUID, mirroring the TV show on which its name was based. (Image source: Netflix)
There were hardly any winners from SQUID, mirroring the TV show on which its name was based. (Image source: Netflix)
The Squid Game-inspired cryptocurrency has disappeared as quickly as it arrived. While the cryptocurrency neared US$3,000, it collapsed to US$0.0008 in approximately 5 minutes, wiping almost US$2.1 million of investments.

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.

(Image source: CoinMarketCap)
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Alex Alderson
Alex Alderson - Senior Tech Writer - 5717 articles published on Notebookcheck since 2018
Prior to writing and translating for Notebookcheck, I worked for various companies including Apple and Neowin. I have a BA in International History and Politics from the University of Leeds, which I have since converted to a Law Degree. Happy to chat on Twitter or Notebookchat.
contact me via: @aldersonaj
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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2021 11 > Squid Game cryptocurrency creators disappear with over US$2.1 million
Alex Alderson, 2021-11- 2 (Update: 2021-11- 2)