Monday, January 17, 2022

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

The coin creators stole over $2.1 Million from investors.

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”.


Leave a Reply

Dickson Otieno
I love reading emails when bored. I am joking. But do send them to

More to read:

Netflix increases prices in US & Canada

Netflix has announced increased subscription fees in the United States and Canada in what appears to now be annual expected change.

MARAMOJA opens up API to Fintechs and Insurtechs in Kenya

The company says that Fintechs and Insurtechs now have an opportunity to connect to MARAMOJA's ecosystem via a single API

Afrikrea rebrands to ANKA after successful $6.2 million Pre-Series A Round

The e-commerce platform Afrikrea is now rebranding to “ANKA”, its all-in-one solution for selling anywhere and hipping globally

Crypto Trends to expect from Africa in 2022

A significant development on the continent which potentially slipped under the radar was Kenya’s ranking as the world’s leader in P2P trading

Banks, who benefit most from Free M-Pesa transfers, want CBK to re-introduce charges

The Kenya Bankers Association (KBA) will be lobbying to have the Central Bank of Kenya (CBK) re-introduce transactions between Banks and Mobile Money wallets in 2022.

Airtel joins Telkom in support of cheaper rates; Safaricom remains hesitant

Airtel argues that CA’s reduction takes into consideration the 7 year delay and that it is fully aligned with the interests of the consumer.