Alert! Squid Game Crypto Collapses In An Apparent $3Million Scam

The Squid Game-inspired coin attracted enough investors to see its value skyrocket to nearly $2,800 before its creators cashed out and disappeared.

$SQUID, a cryptocurrency not officially endorsed by Netflix, was created in late October and had a 310,000 percent increase in value in just a few days.

It was allegedly offered as a way to play a future internet game based on a South Korean series in which debtors are compelled to play a fatal game.

After being exposed as a fraud, the value of a digital token based on the popular South Korean Netflix series Squid Game has practically evaporated.

Squid, which advertised itself as a "play-to-earn cryptocurrency," had seen its price surge by thousands of percent in recent days.

However, as reported by the BBC, it has been chastised for not allowing users to resell their tokens.

Squid lost all of its value after Twitter alerted and briefly blocked the cryptocurrency's account due to "suspicious conduct" after it jumped more than 310,000 percent in value as of Sunday night.

The token's value had risen to $2,856 just before it crashed. Squid's website and social media profiles have vanished, as has a white paper detailing the coin.

The coin was made available for purchase on October 20th with the intention of serving as a pay-to-play token for an online game, inspired on Squid Game, a hit show in which deeply indebted people play deadly versions of children's games for cash.

Before the crash, CoinMarketCap, a cryptocurrency price-tracking website, warned potential buyers of the cryptocurrency's potentially fraudulent nature, advising them to "do your own due diligence and exercise caution while trading," as well as warning them that investors were having trouble selling their tokens.

Will investors now see their errors and refrain from investing in shady cryptocurrency projects? While it is difficult to separate the scammers from those who are actually working to establish a true coin, that is why fraudsters love the crypto space.