Advertise
CoinTrust
BTC
ETH
BCH
SOL
DOGE
SHIB
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Best Bitcoin Casinos
    • New Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
No Result
View All Result
CoinTrust
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Best Bitcoin Casinos
    • New Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
No Result
View All Result
CoinTrust
No Result
View All Result

Home » Investors Lose $3.38mln in Squid Game Crypto Scam

Investors Lose $3.38mln in Squid Game Crypto Scam

Kelly Cromley by Kelly Cromley
Nov 2, 2021
in Market News, News
Reading Time: 3 mins read
0

After all, the Squid Game turned out to be a con game. It is not about the smash Netflix series that had the whole globe glued to their screens for weeks on end, but about the eponymous cryptocurrency that was inspired by the program. However, despite the collapse of the Squid cryptocurrency on Monday, the hucksters who took advantage of the popularity of the program were able to earn an estimated $3.38 million profit.

According to CoinMarketCap, the coin reached a high value of $2,861 before plummeting to a low of $0, resulting in the investors losing all of their money. The Squid Game coin, which was launched last week amid much scepticism, was really a front for a fairly typical stealing activity in the cryptocurrency sector.

RelatedPosts

Nigeria Charts Blockchain Future With Inclusive National Policy

Brave Introduces .brave Domains to Advance Web3 Browsing

Cardano and LW3 Pioneer Blockchain Passports for Products

TRON Blockchain Surpasses $75B USDT Mark, Cements Stablecoin Dominance

It is referred to as a “rug pull.” It occurs when the cryptocurrency’s creators cash out their coins for real money, possibly after the prices have reached an all-time high – as was the case with the Squid cryptocurrency, which saw a price increase of more than 310,000 percent – leaving almost no liquidity in the exchange for any further transactions. As a result, the investors will not be able to sell their coins.

On October 20, the cryptocurrency Squid Game became available for purchase, allowing investors to acquire a pay-to-play token for an online game that was inspired by the Korean television programme. The source of inspiration for the coin was rather clear to identify.

Investors were under the impression that like-planned crypto would result in them receiving more Squid tokens, similar to how some indebted individuals play do-or-die versions of children’s games to gain money in the Netflix series. The website for the Squid Game cryptocurrency, SquidGame.cash, was the most obvious indicator that the cryptocurrency was a hoax.

The three-week-old website, which has since been taken down, had grammatical errors as well as various odd typos. Those two items should have raised red signals for investors, who have now been left high and dry as a result of the heist. The social media profiles associated with the cryptocurrency have likewise vanished without a trace.

There was also a Telegram channel for those involved in the Squid trade, but it would not allow comments from anybody other than the channel’s administrators, which was still another red signal.
The greatest red signal, however, was when investors starting experiencing difficulties while trying to sell their Squid tokens on the site.

Because of the significant increase in the value of the cryptocurrency over the last week, which can be ascribed in large part to extensive publicity in mainstream media, there has been growing concern that the token is part of a fraud. However, before they could do anything, the currency’s founders removed it from the market, so removing all of its liquidity.

Moreover, CoinMarketCap cautioned potential investors against investing their money in the cryptocurrency, advising them to “please do your own due research and use care when trading.” Just because cryptocurrency is the craze right now doesn’t mean you should spend carelessly – and almost blindly – in a scam that is merely attempting to utilise a popular cultural item in order to get attention in the process.

Before Squid Game, con artists attempted to defraud people out of their money by using a cryptocurrency termed Mando, which was inspired on the Disney+ program Mandalorian. Disney was quick to recognize the problem and tell consumers about it. Although it is difficult to distinguish between a real cryptocurrency and a bogus coin, investors should exercise more caution.

Previous Post

Bitcoin Surges Over $63K as Bulls Look Forward to Continuation of Rally

Next Post

BitMEX Turns Carbon Neutral, Takes Additional Initiatives

Related Posts

nigeria charts blockchain future with inclusive national policy

Nigeria Charts Blockchain Future With Inclusive National Policy

by Kelly Cromley
May 21, 2025
0

The Federal Ministry of Communications, Innovation and Digital Economy has officially released a Whitepaper outlining Nigeria’s National Blockchain Policy, marking...

brave introduces .brave domains to advance web3 browsing

Brave Introduces .brave Domains to Advance Web3 Browsing

by Kelly Cromley
May 21, 2025
0

In a move that underscores its commitment to privacy and decentralized web technology, Brave Browser has unveiled a blockchain-native domain...

cardano and lw3 pioneer blockchain passports for products

Cardano and LW3 Pioneer Blockchain Passports for Products

by Kelly Cromley
May 21, 2025
0

The Cardano Foundation has unveiled a strategic partnership through its Cardano Venture Hub, joining forces with Web3 company LW3 to...

tron blockchain surpasses $75b usdt mark, cements stablecoin dominance

TRON Blockchain Surpasses $75B USDT Mark, Cements Stablecoin Dominance

by Kelly Cromley
May 21, 2025
0

TRON DAO has achieved a significant benchmark in the global stablecoin market by announcing that the circulating supply of Tether...

bsv association taps binarii labs for secure blockchain communications

BSV Association Taps Binarii Labs for Secure Blockchain Communications

by Kelly Cromley
May 21, 2025
0

The BSV Association, recognized for leading global advancements in the BSV Blockchain, has announced its decision to appoint Binarii Labs...

magic square and funtico unite to boost web3 gaming

Magic Square and Funtico Unite to Boost Web3 Gaming

by Kelly Cromley
May 21, 2025
0

Magic Square has revealed a strategic partnership with Funtico, a rapidly growing player in the blockchain gaming space. This collaboration...

Next Post
BitMEX Turns Carbon Neutral, Takes Additional Initiatives

BitMEX Turns Carbon Neutral, Takes Additional Initiatives

  • blackrock invests in colle web3

    COLLE: Pioneering AI Web3 Platform Receives Investment Boost from BlackRock

    by Kelly Cromley
    May 13, 2024
  • Central Bank of Saudi Arabia Teams Up with Ripple to Transform Cross-Border Settlements

    by Kelly Cromley
    Aug 17, 2023
  • Router Protocol and OpenWorldSwap Partnership to Revolutionize DEX Market

    by Kelly Cromley
    Aug 6, 2024
  • GameStop’s Digital Transformation: Embracing Blockchain and NFTs

    by Kelly Cromley
    Feb 2, 2025
  • XRP Ledger Embraces Precious Metal-Backed Stablecoins with Meld Gold Partnership

    by Kelly Cromley
    Oct 2, 2024

Recent News

nigeria charts blockchain future with inclusive national policy
Market News

Nigeria Charts Blockchain Future With Inclusive National Policy

by Kelly Cromley
May 21, 2025
brave introduces .brave domains to advance web3 browsing
Market News

Brave Introduces .brave Domains to Advance Web3 Browsing

by Kelly Cromley
May 21, 2025
cardano and lw3 pioneer blockchain passports for products
Market News

Cardano and LW3 Pioneer Blockchain Passports for Products

by Kelly Cromley
May 21, 2025
tron blockchain surpasses $75b usdt mark, cements stablecoin dominance
Market News

TRON Blockchain Surpasses $75B USDT Mark, Cements Stablecoin Dominance

by Kelly Cromley
May 21, 2025
bsv association taps binarii labs for secure blockchain communications
Market News

BSV Association Taps Binarii Labs for Secure Blockchain Communications

by Kelly Cromley
May 21, 2025

Categories

  • Altcoin News
  • Analysis News
  • Bitcoin News
  • Blog
  • Cardano News
  • Ethereum News
  • ICO News
  • Legislation News
  • Market News
  • News
  • Ripple News
  • Solana News

Cointrust

  • About Us
  • Contact Us
  • Correction Request
  • Our Team

Legal

  • Disclaimer
  • Terms & Conditions
  • Privacy Policy
  • Cookie Policy

Popular

  • ICO Listings
  • Knowledge Base
  • All about Mining
  • Cryptocurrency Exchanges
  • How and Where to buy Cryptocurrency

Sitemap

  • News section
  • Sitemap
  • XML Sitemap

© 2024 CoinTrust.com.

CoinTrustCoinTrust

* DISCLAIMER: All information provided in CoinTrust is merely for informational purposes, we are not an investment advisor and not affiliated with any companies or ICO/Cryptocurrency Projects. To use this website you must accept our cookie policy, Disclaimer and Privacy Policies.

No Result
View All Result
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Best Bitcoin Casinos
    • New Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites

© 2024 CoinTrust.com.

We use cookies to ensure that we give you the best experience on our website.
If you continue to use this site you agree to allow us to use cookies, in accordance with our Cookie Policy.
I Agree