A cryptocurrency, SQUID, a digital currency based off the popular Netflix series "Squid Game", is trading at USD 0 after its founder cashed out, 'stealing' an estimated USD2.3 million (RM9.5 million) from all their investors, reported Gizmodo.
The token was made available for purchase on 20 October with the idea that the SQUID crypto would be a pay-to-play token to play an online game inspired by Squid Game.
Image source via coinmarketcap
After jumping more than 310,000% in value on Sunday night, Squid lost all its value after Twitter flagged the cryptocurrency's account and temporarily restricted it due to "suspicious activity".
The SQUID cryptocurrency peaked at USD2,861 (RM11,900) before plummeting to zero around 5.40 am ET, reported by CoinMarketCap.
This type of scam is commonly called "rug pull" by crypto investors, where the creators of the crypto quickly cash out their coins for real money, draining the liquidity pool from the exchange.
The SQUID crypto coin was launched last week with a three-week-old website. Red flag no. 1.
The website, SquidGame.cash, had bizarre spelling and grammatical errors, red flag no. 2.
Gizmodo also reported the dodgy Telegram channel and Twitter account, which are all deactivated.
Screenshot of Squid Crypto Twitter account. Image source via twitter
