The creators a cryptocurrency inspired Netflix series Squid Game are said to have pulled the plug and made more than $2million.
The SQUID cryptocurrency was promoted as a play to-earn token. Players could win prize money through six online games that were based on the popular television series.
According to its white paper, “The more people that join, the greater the reward pool will be (sic),” explained the white paper. It stated that developers would receive 10% of the entry fees while the winner would receive 90%.
SQUID was promoted as a play to-earn crypto coin for a game based on the Netflix series Squid Game
It said that the games did not have any deadly consequences, which is a difference to the television series. Investors today have lost more $2million as a result of the fraudsters deleting all traces of the game.
When investors discovered they could not sell their coins due the ‘antidumping technology’, suspicions began to rise last week. But speculators kept investing in the project.
The token peaked at $2861.80 this morning before plummeting quickly to $0.0007 within minutes.
This is commonly known in crypto circles as a “rug pull”, when developers abandon a project to make more money.
SQUID’s website, as well as social media platforms, have been taken offline.
“We have received multiple reports from users that the website and socials are no more functional and they are unable to sell this token in Pancake Swap. [a crypto trading platform].
Crypto website Coin Market Cap stated that users should do their own research and exercise extreme caution.
“This project, while clearly inspired from the Netflix show of a similar name, isn’t affiliated with the official IP.
An earlier version of this rug pull was created by Mando, which is a cryptocurrency that uses images from Disney’s Mandalorian TV program without authorisation.
Experts warn speculators of a new crop meme coins, inspired viral photos, videos, or GIFs that have seen their market caps soar over the past weeks.