Investors lost Rs 25 crore as Squid Game cryptocurrency turns out to be scam

Was the Squid Game fever a scam? The game wasn’t just rigged inside the world-famous Netflix show but also with the viral cryptocurrency with the same that rode the wave of the limited series.

The Squid Game cryptocurrency was only launched last week and quickly captured the heights of viral potential rising to an unimaginable all-time-high of 310,000% in just a few days. What followed was frenzied buying among crypto investors looks to hope onto the Squid Game wave and make some money. But on Monday, the Squid Game cryptocurrency crashed, and how!

After growing to a market cap of over Rs 25 crore ($3.38 million), the cryptocurrency collapsed from a peak value of around Rs 2.15 lakh ($2,861), as per CoinMarketCap, to sheer zero in what has now been confirmed as a mega scam. The Squid Game cryptocurrency turned out to be a front for crypto thieves who pulled off what’s known in the crypto-community as ‘rug pull’.

In ‘rug pull’, creators behind a particular cryptocurrency wait for the prices to hit an all-time-high before cashing out the entire volume for real money. This leaves no liquidity to carry out any future transactions in a cryptocurrency exchange. Investors holding their coins are left with no option as they can’t sell the bought assets anymore.