SquidGame Cryptocurrency vanishes in $3m rug-pull

Engadget reports that a cryptocurrency inspired by the smash Netflix series  Squid Game convinced investors to buy in anticipation of future tie-in game so that its value climbed to over $2,800 before its creators cashed out their coins for real money and vanished, staging what is known in the crypto circles as a “rug pull”. 

The cryptocurrency called $SQUID  launched in late October and rose up to 300’000 % in value over just a few days. The scammers may have made off with as much as $3.38 million. On Monday morning, however, the coin’s value plummeted to $0, its website disappeared (you can view an archive here) and its Twitter account got blocked. 

As Gizmodo pointed out in a related article, people might have been a little more suspicious from the outset given they were able to buy coins but weren’t allowed to sell them. 

Earlier this year, a cryptocurrency based on The Mandalorian also turned out to be a scam