Filenews 2 November 2021
The digital currency, which relied on the Korean series Squid Game, the most successful ever on Netflix, had recorded a 2,500% increase in a matter of days after fans of the dystopian series rushed to buy it. Suddenly, however, it saw its value reset, thus confirming those who warned that it was a fraud.
The cryptocurrency, called SQUID, had reached as high as $2,861 and dropped to absolute zero on Monday, according to CoinmarketCap, which estimates that in this way its rogue creators stole $2.1 million from investors.
This is a scam known as "pulling" the carpet, as Gizmodo explains. This means that the creators of the cryptocurrency liquidate those currencies they hold in exchange for real money, thus leading to a drastic drop in its value.
SQUID was presented as a virtual currency with which you could pay for online games, linked to the series. Gizmodo had pointed out various indications that this was a scam, including the many spelling errors on its website (which has now disappeared). Another resounding bell was the fact that investors could only buy, but not sell SQUID.
CoinMarketCap had also warned investors about the possibility of fraud.
Netflix, which had made it clear since last week that it has nothing to do with the cryptocurrency, declined in a request from CNN to comment on the development.
Source: sofokleous10.gr
