Monday, December 6

Swindle? Crypto on “The Squid Game” Sinks to Nearly $ 0 After Touching $ 2,800

The market value of the token called Squid (squid) jumped to $ 2.4 billion at the peak of Monday’s trading, with a trading volume of $ 14 million in the last 24 hours, according to CoinMarketCap.

The reason for the fall was unclear. However, several reports, including one from Gizmodo, said that holders of the digital currency could not sell it. Reuters was unable to independently verify the information.

Coindesk, a news outlet specializing in cryptocurrencies, reported that a digital address sold a massive amount of Squid tokens and cashed in millions of dollars in what it called a “carpet pull”, a situation where the developers of a cryptocurrency project abandon it and run away with investors’ money.

Squid’s website appeared offline on Tuesday, while his Twitter account was “temporarily restricted” due to unusual activity.

The cryptocurrency has only been trading for a week, according to CoinMarketCap.

“Like many internet scams, cryptocurrency scams align closely with popular trends, and after the hype received by ‘The Squid Game,’ this is no different.” said Jake Moore, a specialist at cybersecurity firm ESET.

Cryptocurrencies based on memes or linked to internet culture have seen rapid booms and busts this year, echoing the growing popularity of conventional cryptocurrencies like bitcoin.

The South Korean series “The Squid Game,” which became a worldwide sensation and Netflix’s number one show, features hundreds of cash-strapped gamers competing in hyper-violent games.