Squid Game cryptocurrency turned out to be a total scam as its owners shut down its website after its price peaked at a whopping $2,800, stealing millions from their victims.
SYDNEY, AUSTRALIA - OCTOBER 29: A person roll-plays as a character from the series The Squid Games on October 29, 2021 in Sydney, Australia. The replica animated doll from the Netflix series Squid Game has been installed at Sydney Harbour for Halloween. The doll, which is 4.5 metres tall and weighs three tonnes, can turn its head and chants "red light, green light." Sydneysiders are invited to play the popular Korean children's game made popular by the television show.
Squid Game Cryptocurrency Scam: Owners Shuts Down Website
Now, the price of the crypto-based on the phenomenal hit-series of Netflix, Squid Game, is deemed worthless with its price currently down to $0.005 from the all-time-high to the tune of $2,800, as per the report by Mashable.
It comes after the owners of the Squid Game crypto ran off by cashing out all of their holdings and shutting down the official website of the digital token.
That said, the price of the crypto scam went on to go down massively as the owners kept the majority of the SQUID.
Aside from the abrupt disappearance of its website hosted at the SquidGame.cash domain, all of its other social media accounts likewise vanished into thin air, along with the withdrawal of its owners.
Squid Game Cryptocurrency Scam
According to Gizmodo, the scammers behind the Squid Game crypto were able to pocket an estimated $3.38 million after selling off their share.
The news outlet went on to remind its readers that it already warned them about the scam nature of the new crypto riding on the fame of the Netflix hit series, dubbing it as "an obvious scam."
One of the obvious reasons the said crypto was expected to be a scam is the inability of its owners to sell the token--among other red flags.
What's more, the folks behind the Squid Game crypto project remain anonymous. As such, the victims have no one to hold liable for stealing money from them.
Nevertheless, the Squid Game crypto was featured in mainstream media platforms, which includes CNBC, Fortune, Business, Insider, and BBC--to name a few as its name rides the hype of its namesake Netflix series.
Not to mention that the steep rise in the price of the Squid Game crypto also got the attention of these media outlets. Notably, its price went up by 2,400% in just a single day as it capitalized on the phenomenal effect of the South Korean series.
Read Also: Halloween 2021: 'Squid Game' Costume Ideas Available on Amazon, Etsy Now-Where to Buy?
"Squid Game" Effect
The Squid Game effect was seen in various things, such as the massive increase in the internet usage traffic of SK Broadband in South Korea, which brought Netflix to court due to its hefty expenses in both maintenance and upgrades.
Not just that, the sales of the white Vans sneakers that the players of "Squid Game" donned also saw a massive increase in sales, which jumped up to 7,800%.
On top of that, Netflix further dubbed the South Korean hit series as "the biggest series launch ever" after "Squid Game" took home 111 million views last Oct. 12.
Related Article: Squid Game App Laced with 'Joker' Malware | Cybersecurity Researcher Warns Users of Access to Hackers
This article is owned by Tech Times
Written by Teejay Boris
