Squid Game Cryptocurrency Scammers Make Off With $2.1 Million
Netflix's Squid Game is all the rage these days, and if yous've been browsing social media the by few days, you lot'll observe how a good bulk of Halloween costumes this year are based on the hitting Korean TV series. This is why we tin can't say we're surprised that it too inspired its own cryptocurrency.
Given that crypto like Dogecoin was initially created every bit a meme crypto, we suppose it didn't really raise that many red flags when the SQUID crypto was launched as well. Unfortunately for those who were hoping to arrive on the ground floor, information technology turns out that this was a massive scam in which the scammers made off with $2.1 meg.
Gizmodo was the outset to report that this was a scam, but evidently many people did not get the message as a lot of people invested their coin into it. The crypto saw its value rise to $2,861 before it plummeted to $0 in what is known as a "carpeting pull", where the creators of a cryptocurrency quickly greenbacks out their coins for real money, finer causing the crypto to lose all of its value.
As Gizmodo pointed out, there were actually a lot of red flags that suggested that this was a scam from the showtime. This included how the crypto allowed users to buy in but not cash out, a Telegram channel that did not let comments from outsiders, and a Twitter account that users could not respond to.
This is non the first crypto scam that nosotros've seen and we uncertainty that it will be the last, but given the lucrative nature of cryptocurrency, particularly bitcoin, it'south non difficult to see why people are quick to buy into them.
Filed in . Read more nigh Cryptocurrency. Source: gizmodo
Source: https://www.ubergizmo.com/2021/11/squid-game-crypto-scam/
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