Current Events > Squid Game crypto plunges to $0 after scammers steal millions of dollars

(+) Yeah! (+)

A digital currency based off the popular Netflix series "Squid Game" is trading at $0 after its creators cashed out, effectively stealing an estimated $2.1 million from investors.
The cryptocurrency, appropriately called SQUID, surged as high as $2,861 before falling to $0 as of Monday, according to CoinMarketCap. The scam, which was reported by Gizmodo, is called a "rug pull." That means the crypto's creators cash out of their coins in exchange for real money, quickly devaluing the crypto's value.
Before the rug pull, the crypto's market cap was a little more than $2 million, according to CoinMarketCap.
SQUID was billed as a token that can be used for a new online game inspired by the popular Korean language series, which is based on a deadly tournament of children's games. GIzmodo pointed out numerous signs it was a scam, including its (now disappeared) website being filled with spelling errors. Another red flag: Investors could buy -- but not sell -- SQUID.
CoinMarketCap also warned potential investors that SQUID was probably a scam, displaying a warning to "exercise extreme caution" if they bought the crypto.
"Squid Game" a dystopian fictional drama has become Netflix's top show globally. The company told CNN Business earlier this month that it had been viewed by 111 million accounts since its debut in September, making it the company's "biggest-ever" series launch. Executives have pointed to the show as evidence that its growing slate of international content can resonate with a variety of audiences.
Netflix (NFLX) told CNN Business last week that it was not affiliated with the cryptocurrency, and declined to comment further.
CNN Business reached out to developers of the SQUID project through contact information listed on its website, and did not immediately receive a response.

https://www.cnn.com/2021/11/01/investing/squid-game-cryptocurrency-scam/index.html

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Buy now?

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We live in a world where people can literally just invent a new currency from scratch, then those people can offer their made-up currency to you in exchange for a different, more stable currency. And people will fucking buy it.

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it was a blatantly obvious scam

the amount of press attention it received probably drew far more dumb money to it than it otherwise would have received

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Turbam posted...

Buy now?

Hell yeah, it's free now. Buy a million of them!

Whoever bought into it deserves it tbh
how stupid can you get

it's kind of ironic

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Players #1 though #ayylmao have been eliminated.

(Money piles in through the top)

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So when does the SEC start regulation this shit?

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where money?

gib money now

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Gobstoppers12 posted...

We live in a world where people can literally just invent a new currency from scratch, then those people can offer their made-up currency to you in exchange for a different, more stable currency. And people will fucking buy it.

No see it's actually fiat currency that has no value and is entirely made up, crypto currency is [insert nonsensical libertarian cryptobro idiocy here].

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Everyonedies posted...

Another red flag: Investors could buy -- but not sell -- SQUID.

Lol what.

I'm still unsure how crypto currency isn't just modern-era Tulips.
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Goldice posted...

Lol what.

I'm still unsure how crypto currency isn't just modern-era Tulips.

You could sell but in order to sell you had to put your money into this weird mini-game thing and if you lost the game you lost your money. It was all in the white paper but I guess you can't expect people to do any research at all before throwing their money into something.

To be clear it was a gigantic scam regardless.

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These scams happen regularly, probably damn near daily with Crypto. It's a scammers paradise over there. It's usually the rich doing it to the poor by selling them on dreams they're desperate to get to. That's why it's dumb to base the worth of currency around popularity. Usually the rich are also the popular, so you're literally just giving the rich more influence and power over the worth of currency than they already have. It didn't sit right with me when everyone was waiting for the richest man in the world to say a couple words to make their currency worth more. Why would you want to love in a world like that unless you eventually want to manipulate and scam as well.

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Reason #1 I don't bother with crypto.

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Somehow this is immensely fitting for Squid Game's anti-captialist, aren't humans who value wealth over each other evil message

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Whitepaper literally said you can't sell, fair next

theAteam posted...

You could sell but in order to sell you had to put your money into this weird mini-game thing and if you lost the game you lost your money. It was all in the white paper but I guess you can't expect people to do any research at all before throwing their money into something.

To be clear it was a gigantic scam regardless.

is this true? Theres no way
thats fucking wild

Kloe_Rinz posted...

is this true? Theres no way
thats fucking wild

You had to hold the squid coin to get these marbles to play the online game but the minimum amount of squid to get marbles was like $16,000 at one point.

I imagine some people got burned badly on this.

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Question though - investor buys SQUID, where does that cash go? Like how was there "$2 million" worth of this stuff? Was it just backed by the bank account that was collecting money from investors?

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TheMikh posted...

it was a blatantly obvious scam

the amount of press attention it received probably drew far more dumb money to it than it otherwise would have received

I cant really hate on and then its literally every one of those idiots fault who bought it

Hexenherz posted...

Question though - investor buys SQUID, where does that cash go? Like how was there "$2 million" worth of this stuff? Was it just backed by the bank account that was collecting money from investors?

It was purely digital, it's worth was based on absolutely nothing other then what it's buyers thought. Nothing more or less.

Regardless, anyone stupid enough to have brought into this crap deserved to get ripped off.

Never mind the obvious warning signs, but but what value or potential did they honestly see in this?

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Everyone who lost money on this deserved it completely.
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Looks like those that got scammed SOL. At least with stocks you protected by FDIC.

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MelbuFrahma4 posted...

Looks like those that got scammed SOL. At least with stocks you protected by FDIC.

Eh no you're not. You have to sue people for fraud the hard way.

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Buying the dip

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Absolute peak capitalism

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Hexenherz posted...

Question though - investor buys SQUID, where does that cash go? Like how was there "$2 million" worth of this stuff? Was it just backed by the bank account that was collecting money from investors?

This guy thinks decentralized finance relies on a bank account.

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Damn

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Hexenherz posted...

Question though - investor buys SQUID, where does that cash go? Like how was there "$2 million" worth of this stuff? Was it just backed by the bank account that was collecting money from investors?

I'm not hip on crypto but if they sold all their coins and flooded the market and there were no buyers left by the end of it, everyone realizes it's worth nothing as the value rapidly decreases and those who did not sell in time recoup little or no money. this is what's known as being left "holding the bag."

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