It’s little surprise that a digital currency scam based on the popular Squid Games series on Netflix is making the news.
If you haven’t caught wind of it yet, the story goes along the following lines:
It appears that scammers created a bogus cryptocurrency called Squid Game to capitalize on buzz around the show. They then used the attention-getting name to lure paying investors, which rapidly drove up its value.
As the value of the bogus Squid Game coin peaked, the scammers quickly cashed in their coins to the tune of an estimated $3.3 million, which then saw the cryptocurrency’s plummet down to less than a penny per coin, leaving investors in the lurch.
Gizmodo initially broke the news that the Squid Game cryptocurrency had tanked, just days after the outlet warned its readership that it was a likely “rug pull” scam where investors quickly exchange their cryptocurrency for real money and effectively drain the exchange of value.
Note that this Squid Game cryptocurrency had no relationship to the show or to Netflix, aside from hijacking the Squid Game name without permission so that the scammers could use it as bait.
The Squid Game scam: one of many cryptocurrency scams
Scams such as this are nothing new. Earlier this year, an “initial coin offering” (ICO) called Mando turned out to be a scam as well. Based on Disney’s popular Star Wars series, The Mandalorian, the scammers used the name and the Star Wars-themed imagery around it without permission. Then, just as suddenly they used the popular name to dr ..
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