Squid game is so popular that scammers took advantage of that and squandered money so fast and furious. Squid Game Coin, a digital token based on the popular Netflix original Korean drama series of the same name, collapsed to zero after its creators took off with the approximately $2.13 million invested in the coin.
Squid Coin Disapperance
The meme coin once surged very high before it’s unexpected but eventually collapsed. Ten minutes after it reached its peak, the cash invested in the tokens was suddenly liquidated by its creators. Their whereabouts are unknown.
Labeling the case as an apparent “rug pull” scam, investors should have checked whether the crypto was legit for investment before actually falling for it.
Squid Game Coin, taking the form of a play-to-earn coin, lured many users by giving them opportunities to participate in online games inspired by the program. Also, it is a meme coin that makes investors think they are on-trend if they purchase or sell the crypto.
Lesson Learned – Don’t Rely Too Much on Investment Trends!
Investors should keep in mind that the crypto market is extremely volatile. Rather than just following the investment trend, they need to look into the documents released by the crypto project that gives technical information before making an investment.
“Meme coins” refer to cryptocurrencies or tokens that draw investors with internet memes, jokes and images shared online, rather than use cases or other conventional investment reasons.
Amid the intensifying meme coin craze, Squid Game Coin lured investors by piggybacking on the hype surrounding the TV drama without consent from Netflix, which holds the copyright for the series, for the usage of the name of the games.
Market insiders have warned that money invested in Squid Game Coin appears to be non-refundable, and if crypto creators liquidate the entire coin and vanish, investors are liable to lose their money.
Launched on Oct. 26, the crypto project announced that investors could play an online version of “Squid Game” in November and the final winner would receive an unspecified bonus that depended on the number of investors playing in the game.
The scam has now dashed hopes of the investors who had been looking forward to playing the games featured in the drama series, in which players risk their lives for a 45.6 billion won prize. Now, many investors have lost money due to false belief in a trend that’s built from fraud.