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‘Squid Game’ crypto scam collapses as fast as it rose

After the popularity of ‘Squid Game’ on Netflix, some clever scammers came up with something called the SQUID coin. We’re the crypto-generation and there are numerous coins being fronted online. There are serious ones, and then there are meme ones like Dogecoin. It wasn’t quite apparent from the onset what SQUID coin would be.

It packed a couple of promises though. The creators who have since pulled out and made away with over $2 Million, seemed initially quite serious. They promised that buyers would be able to use their coins to participate in online versions of ‘Squid Game’ as had happened in the hit series. However, here unlike in the series, there wouldn’t be real-life consequences like getting shot or dying.

Human beings believed them! And bought into the idea so much so the coin was trading as high as $2,861 with a market cap of more than $2 million, according to CoinMarketCap. This was despite Netflix, makers of the show, distancing themselves from the coin.

In the defence of the investors, these were ‘serious developers’. Or at least they appeared to be. Every serious coin has a White Paper, yes? They did have one. It was ridden with grammatical errors but it detailed the way the coin would be used in the games, and how people would win.

On Monday, the coin fell to $0 in a couple of minutes after the developers did what’s called a rugpull. This is where developers abandon a project and cash out. And its crypto, so knowing exactly who was who, and who made away with what is not possible.

All of SQUID coin’s social media platforms have since gone offline. And the said developers of the coin posted on their Telegram channel that they do “not want to continue running the project” and that they were “overwhelmed with stress”.

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Dickson Otieno

I love reading emails when bored. I am joking. But do send them to editor@tech-ish.com.

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