Value of Squid Game inspired crypto token collapses to almost zero value in ‘scam’

The crypto token, inspired by the popular Netflix series, saw its value drop to almost zero after its founders pulled investor funds.
2 min read
Squid Game

A Squid Game inspired cryptocurrency token named ‘SQUID’ collapsed recently as its founders pulled the entirety of investors funds (known as a ‘rug pull’ in what is being described as a ‘scam’.

The value of the token soared exponentially over the last week, giving many profitable returns – but the price of the token shrunk to near zero in an instant, with investors realising their funds have mysteriously disappeared.

It is estimated that the founders have pocketed themselves approximately £2.3m from crashing the token, and many social media accounts, including the LinkedIn pages of the founders, have been deleted.

The value of the token went from $0.01 to around $2,500 within a week – with one Shanghai investor losing his life savings of $28,000 after the token crashed around 99.9%.

The problem is is that those funds are virtually irrecoverable, due to the lack of regulatory oversight of cryptocurrencies and cryptoassets.

Professor Eswar Prasad, an economist at Cornell University, told the BBC:

“In fact, open pump and dump schemes are rampant in the crypto world, with investors often jumping in with eyes wide open, perhaps hoping that they can ride the wave and dump their holdings for a quick profit before prices collapse,”

The Squid Game cryptocurrency currently trades at around $0.08.

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