If you dreamed of wealth by chasing a crypto coin named after — but not licensed by — Netflix’s hit Squid Game, it looks like you’ll have to find someone giving away the show’s creepy cards IRL.
The SQUID coin rocketed up tens of thousands of percent in value last week, but by trading Monday, it was worth zilch.
According to experts who spoke with Markets Insider, it looks like investors have been had — and scammers walked away with millions.
The coins were at one point worth north of $2,861 apiece before falling to $0.003467 Monday morning. The coins’ value fell faster than one of the show’s contestants through a glass bridge.
“The scam has completed its cycle, and the price has just dropped significantly,” cofounder of CoinGecko Bobby Ong told Insider.
The coin seemingly came out of nowhere last week, and was being advertised as part of an upcoming online game called the Squid Game Project. The crypto was reportedly created to play it, and would have been at stake as prizes, its creators said online.
However, after the coin spiked in value, the website was disconnected, and you couldn’t trade the stuff once you bought it.
Investors were already smelling something was off with the coin before the bottom fell out — mostly because all traces back to the game vanished.
— Bagsy (@imBagsy) November 1, 2021
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