The operators of the Squid Game cryptocurrency have escaped with an estimated $2.1 million less than a week after its introduction. The revelation was first reported by Gizmodo, who warned of a potential fraud because investors were not permitted to sell the purchased cryptocurrency. The graph below illustrates that the coin peaked at $2,861 before falling to $0 around.
The website used to promote the cryptocurrency (this is an archived version of the SquidGame.cash website) is no longer operational, and the inventor of the Squid Game crypto scheme’s social media accounts have been deactivated.
The instance proved crooks’ creative imaginations as well as investors’ trustworthiness. “Does this mean you can’t make money trading crypto? Obviously there are a lot of people making real dollars in the crypto space selling “mainstream” coins like bitcoin or even smaller coins like Shiba Inu, which has skyrocketed in price recently. But just because people are making money at it today doesn’t mean it’ll be around forever. Cryptocurrency will only survive if people have faith that it’s real money. And that sentiment can change from day to day,” GixModo reported on this.
“The most essential thing to look out for when buying bitcoin isn’t necessarily the price. First, determine if you can sell the coin after purchasing it. If you can’t sell, as SQUID investors realized, it doesn’t matter how high the price gets, just as it doesn’t matter how huge a number someone puts on Monopoly dollars. The value of cryptocurrency is determined by what someone else is willing to pay for it. And if the regulations indicate you can’t even sell, you’ve been taken advantage of.”
Crooks are seeking to capitalize on the popularity of the Squid Game series in a variety of ways; for example, researchers have uncovered a contaminated program masquerading as a Squid Game wallpaper app on the official Google Play.