Squid Game Inspired Cryptocurrency Scam: Token Collapses By 99.99%, Promoters Vanish With Over $3 Million

Squid Game turned out to be a scam. Squid, the meme coin sensation in cryptocurrencies was inspired by famous South Korean Netflix drama show Squid Game. It lost all its value on November 2 in an apparent scam. It seems like the incident is part of a scam, commonly known as “rug pull” by cryptocurrency investors. In such a case, the promoter of such a digital token forcibly puts a stop to all trading activity and vanishes with the money raised from the sales. Squid surged more than 230,000% in recent days to $2,861.80 as per CoinMarketCap pricing. Its value has now plummeted by 99.99%. As per Gizmodo, technology website, quid's developers have fled with an estimated $3.38 million (£2.48m). Watch the video to know more.