Netflix’s popular online drama “Squid Game” gave birth to a cryptocurrency named after the brand-“Squid Coin” (SQUID). The price of this token soared by more than 230,000% last week, reaching $2,861.80 at one time, and then crashed and fell back to zero on Monday morning Eastern Time. BscScan’s transaction records show that the anonymous creator of the token has taken away at least $3.4 million in investor funds.
The cryptocurrency ecosystem is full of so-called “rug pull” scams, that is, the founder of a certain token suddenly abandons their project and takes away investors’ funds. This is a typical exit scam in the DeFi field.
The developers of Squid Coin posted on their Telegram channel on Monday: “Squid Game Development Company does not want to continue operating this project because we are frustrated with scammers and can’t bear the pressure.” The channel now has more than 89,000 members.
Since then, the white paper and website of the token have disappeared, but the official landing page and archived copies of the white paper are still online. Due to “suspicious activity”, Twitter temporarily restricted its account.
An investor with the pseudonym “Bernard” said that when he heard about a coin named after Netflix’s popular online drama “Squid Game”, he quickly scanned Google to see if the coin was legitimate.
After seeing the headlines about this token (many of which warned about some red flags about the project, but he did not finish reading it), Bernard decided to invest his life’s savings of $28,000 in squid coins.
He said: “The reason I was eager to buy this token was because I had an idea in my mind that the’Squid Game’ is very, very popular now, and its token must be very popular now. This is a tragedy. I I don’t know how to make up for my loss.”
Bernard said that he has extensive experience in cryptocurrency and computers, and he blamed the influence of the media for his mistaken investment in Squidcoin.
He is not the only one who thinks this way. Others have also stated on social media that providing any oxygen to Mimu is a kind of implicit support.
Bernard said: “In this trading space, everyone is in a hurry. Sometimes you have the feeling of’fear of running away’.” “Fear of running away” (FOMO) is a common sentiment among cryptocurrency traders. They hurriedly invested in early alternative currencies, eager to get rich quickly.