SQUID Coin Scam – Crypto Coin Vanishes After Hitting Massive Highs

A Squid Game-themed cryptocurrency coin ended up being a massive scam and the people behind it made off with $3.3 million according to The Washington Post. Meme coins and other get-rich-quick schemes themed around NFTs, Cryptocurrency, and day trading have taken the world by storm over the last year and change. (Read more about the negative ecological effects of such movements right here.) SQUID was a currency set up around the fervor surrounding the Netflix original. The value of this particular coin soared to $2,860 over time but then went down to basically nothing as the creators high-tailed it out of there with a relative fortune. As of now, there is no way to hold the creators of these meme coins accountable if they choose to take the money and leave the investors holding the bag. (Complicating matters further is the fact that cryptocurrency, by nature, is hard to trace. Making the entire enterprise ripe for people looking to take advantage of poor investors looking for a quick influx of cash.)

There was a white paper on their website, where the coin makers explained their coin, “The Squid Game project is a crypto play to earn platform inspired by the Korean hit series on Netflix about a deadly tournament of children’s games. There is no longer dystopian world where a mysterious organisation gathers people who are in large amounts of debt and ‘living on the edge’.”

In a previous conversation with The Guardian, Hwang Dong-hyuk said that there was talk of a Season 2. But, no concrete plans have been made just yet. 

“Of course there is talk,” Hwang Dong-hyuk tells The Guardian. “That’s inevitable because it’s been such a success. I am considering it. I have a very high-level picture in my mind, but I’m not going to work on it straight away. There’s a film I really want to make. I’m thinking about which to do first. I’m going to talk to Netflix.”

Netflix has an official description for Squid Game: “A mysterious invitation to join the game is sent to people at risk who are in dire need of money. 456 participants from all walks of life are locked into a secret location where they play games in order to win 45.6 billion won. Every game is a Korean traditional children’s game such as Red Light, Green Light, but the consequence of losing is death. Who will be the winner, and what is the purpose behind this game?”

(Note: Many critics point to the ecologic toll of NFTs, cryptocurrencies, and other such technologies as having a disastrous effect on the planet and exacerbating climate problems. You can read more about that here)

Did you read about these people getting scammed online? Let us know down in the comments!