It is being an absolute success on Netflix. In a few weeks it became the most watched series in the history of the streaming platform. The Squid Game has managed to hit the screen with millions of people around the world, and hordes of merchandising products immediately hit the websites and shelves of countless stores that wanted to join the most important television phenomenon in recent years.
Of course, the pull of The Squid Game also reached another of the elements that are becoming very fashionable: cryptocurrencies. Taking advantage of the enormous success of the series, a cryptocurrency with the theme of the series was launched, and in which thousands of fans invested without thinking much.
Sudden bankruptcy
At the beginning of last November, the value of the cryptocurrency of The Squid Game , which had been created taking advantage of the pull of the series, plummeted and it is suspected that it was not something fortuitous, but planned to scam thousands of people. The coin was very well received, reaching a price of 2,400 euros per unit. However, and in a matter of seconds, that price fell to a few cents of a euro, causing everyone who had invested in the cryptocurrency to lose their money instantly.
One of the hooks that the creators of the cryptocurrency cajoled investors with was the promise that those who buy the token would have the right to participate in a game inspired by the Korean series, in which people desperate for their financial difficulties risk die in an attempt to win a large amount of cash.
However, the promised game never materialized. When the scam was found , the project’s website and associated social media accounts were removed. A crypto wallet associated with the creators of the Squid Game token appeared to have cashed in almost € 3 million just one day before the crash via a transaction anonymization service.
The carpet pull
This type of scam, known as a carpet tug , occurs when the creators of a project suddenly disappear along with money received from investors. In the case of the Squid Game cryptocurrency, buyers found that they were unable to sell the tokens once they had purchased them, leaving their money vulnerable at the mercy of subsequent collapse.
On the day the token was launched, it was worth approximately € 0.01. Just two days later, it had reached 6.73 euros, and its value was growing steadily until, suddenly, it plummeted to 0.00068 euros.
The value of The Squid Game cryptocurrency had been skyrocketing at an unprecedented rate, increasing by several thousand percent in a matter of a few hours. However, it was criticized by the community for not allowing people to resell their tokens.
