Millions of profits were stolen by the new Squid Game cryptocurrency scam

New reports have recently emerged regarding a new cryptocurrency based on the latest Netflix Korean series, Squid Game. It was from a Twitter post when people had noticed the existence of the new coin. Tweeted by user @jonhree112, they encouraged others to buy the coin before it reached a dollar; however, it eventually became a scam that stole millions of investments from victims.  

According to a crypto expert, the Squid Game coin harnesses the essence of the Netflix series by making gamers join a play-to-earn game. The expert added that the premise of the Squid Game coin is also comparable to a Ponzi scheme since it requires people to invite others to earn a larger reward.  

 

How did the Squid Game cryptocurrency scam its buyers? 

As people got interested in buying the Squid Game coin before it could reach an all-time high, others already had the gut feeling that it may be a scam due to being too good to be true, and as well as suddenly appearing out of nowhere after the hype of the Netflix series.  

Nonetheless, others have still tried their luck and spent money on the coin.  

An experienced cryptocurrency investor bought about $300 worth of the Squid Game coin back when it was still at 90 cents each. As time progressed, the coin reached $1 that earned the investor at least 10% of their investment. The investor watched as it even grew up to $5, which made the investor thrilled – as their money is now totalling $1,660 from the initial investment of $300.  

Afterwards, the investor tried to search for what others had experienced with the Squid Game coin. To his surprise, many other Squid Game coin investors have been complaining about not being allowed to sell or withdraw their assets. Meanwhile, others explain that investors must buy so-called marbles acquired through a pay-to-play game so they can cash out or sell their assets.  

 

Despite the investors’ doubt about the Squid Game coin, it continued to rise, keeping them interested.  

 

The investor decided to purchase the ‘marbles’ for $50 to see if the assets were withdrawable. Their $300 initial investment has now grown to more than $200,000. Unfortunately, the investor eventually found out about the entire thing being nothing but a scam.  

On November 1, 2021, news broke out within the cryptocurrency community that the developers of the Squid Game coin pulled out all the money people had invested – which totalled more than $3.36 million. Within a few minutes, the coin became almost worthless, with only one-third of a cent for each coin.  

As per another cryptocurrency expert, anyone can develop a coin or token and a liquidity pool to perform a scam against unknowledgeable victims.  

Nonetheless, the investor knew he could not react violently to the incident since the cryptocurrency industry is a volatile landscape, and one must be prepared about investing their hard-earned money in trusts that a coin will soon peak.  

The operators of the Squid Game coin scam project did not send any comment about the incident.  

The cryptocurrency expert said that it would not be the last time a cryptocurrency scam would happen, especially if investors are willing to buy coins put out on any asset exchange platform, hoping it will soon reach an all-time high and make them wealthy.