The Squid Game crypto drops to $ 0 after scammers steal millions of dollars from investors

A digital currency based on the popular Netflix series Play squid trades at $ 0 after its creators paid out money, which in effect steals an estimated $ 2.67 million from investors.

The cryptocurrency, aptly named SQUID, rose as high as $ US3819 ($ A5109) before falling to $ 0 on Monday, according to CoinMarketCap.

In the video above, PETA is staging a Squid Game protest in Flemington

The scam, which was reported by Gizmodo, is called a “carpet drag”.

This means that the creators of the crypto pay out their coins in exchange for real money, which quickly devalues ​​the value of the crypto.

Before the carpet, the market value of crypto was just over $ 2.67 ($ 3.57) million, according to CoinMarketCap.

SQUID was billed as a symbol that can be used for a new online game inspired by the popular Korean language series, which is based on a deadly tournament with children’s games.

Gizmodo pointed out several signs that it was a scam, including that its (now missing) site was riddled with spelling mistakes.

Another red flag: Investors could buy but not sell SQUID.

A digital currency based on the popular Netflix series Squid Game is trading at $ 0 after its creators paid out money.
A digital currency based on the popular Netflix series Squid Game is trading at $ 0 after its creators paid out money. Credit: Netflix via CNN

CoinMarketCap also warned potential investors that SQUID was likely to be a scam, and issued a warning to “exercise extreme caution” if they bought the crypto.

Play squid – a dystopian fictional drama – has become Netflix’s top program globally.

‘Biggest launch ever’

The company told CNN Business earlier this month that it had been seen by 111 million accounts since debuting in September, making it the company’s “largest” series launch ever.

Leaders have pointed to the show as proof that its growing range of international content can resonate with a variety of audiences.

Starring from the Korean TV show Squid Game.
According to reports, about 132 million people watched Squid Game in the first 23 days. Credit: AP

Netflix told CNN Business last week that it was not affiliated with the cryptocurrency, and declined to comment further.

CNN Business reached out to the developers of the SQUID project through the contact information on their website and did not immediately receive a response.

CNN Business’ Michelle Toh contributed to this report.

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