“Squid Game” cryptocurrency scam: millions of dollars stolen from investors

What many feared has turned out to be true. A huge ‘Squid Game’ (SQUID) cryptocurrency wallet got rid of its coins. As a result of this historic back pull, several million dollars of cryptocurrency investors went up in smoke.

It is a tragic spectacle. On the CoinMarketCap charts, you can see how the price of the “Squid Game” cryptocurrency dropped from $ 2,800 to $ 0.0008 in five minutes. Still, according to the developers, it was impossible to sell the coin.

They were able to scoop up several million dollars by selling the crypto themselves and then abandoning the project, leaving investors with a worthless coin.

The so-called “back pull” fraud in action Monday.

The fact that the coin could not be sold was already highly suspect for several crypto-investors. A warning about this has also already been issued on various cryptocurrency sites.

Not being able to sell an “intentional position”

However, according to the coin’s developers, this was an intentional feature. People who invested in this currency can use it as an entry ticket to a virtual version of the deadly game featured in the South Korean series Netflix. A bonus of 10% of this “entry fee” was also offered to developers who would help create the game.

It is not known how much money the fraudulent promoters made from this stunt and if there will be any repercussions. SQUID’s total market value has certainly exceeded $ 50 billion, CoinMarketCap reported on Monday morning. After the crash, that figure fell to around $ 4 million.

Those who hoped to witness the birth of the new Dogecoin or Shiba Inu will now return from a fruitless journey, with an important lesson in mind about crypto-investments.

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