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Investors Lose $2 Million After Scammers Create Fake Squid Game Cryptocurrency

Claire Reid

| Last updated 

Investors Lose $2 Million After Scammers Create Fake Squid Game Cryptocurrency

The creators behind a fake cryptocurrency inspired by Squid Game have shut down the project, taking off with more than $2 million (£1,462,390).

SQUID cryptocurrency was a 'play-to-earn' token, with buyers given the opportunity to win money through six online games that were based on the hit TV show.

A 'white paper' from developers claimed that the people behind SQUID would keep 10 percent of the entry fees, while 90 percent would go to the winner.

It explained: "The more people join, the larger the reward pool will be."

Credit: Netflix
Credit: Netflix

However, investors in SQUID have now lost $2.1 million (£1,535,509), the Daily Mail reports, after the game was taken offline - something known as a 'rug pull' in crypto-trading circles.

All traces of the currency, which is unrelated to the TV show, have now disappeared, including its website and social media platforms.

Experts had been wary of the cryptocurrency, with Gizmodo branding it an 'obvious scam' days before the rug pull.

Gizmodo pointed out that 'you can put real money into the cryptocurrency, but there's no evidence you can ever take it'.

The report went on to say that SQUID was not available on 'mainstream crypto platforms' and its website carried a fake endorsement from billionaire Elon Musk, who had actually never praised the token.

It also noted that the SQUID 'white paper' was littered with spelling and grammar errors.

Credit: Alamy
Credit: Alamy

Coin Market Cap also issued a warning to traders after it found that those who had purchased the coins were unable to cash out.

On a notice on its page for the token, Coin Market Cap wrote: "We have received multiple reports that the website and socials are no longer functional and the users are not able to sell this token in Pancake Swap [a crypto-trading platform].

"Please do your own due diligence and exercise extreme caution.

"This project, while clearly inspired by the Netflix show of the same name, is not affiliated with the official IP."

Despite the warnings, it wasn't short of people quick to throw money at it - and SQUID tokens peaked at $2,861.80 this morning, before later crashing to $0.0007 within minutes, leaving those who did invest seriously out of pocket.

LADbible has approached Netflix for comment.

Featured Image Credit: Squidgame.cash

Topics: Cryptocurrency, Squid Game

Claire Reid
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