Squid Recreation crypto plunges to $0 after scammers steal thousands and thousands of {dollars} from traders

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The cryptocurrency, appropriately known as SQUID, surged as excessive as $2,861 earlier than falling to $0 as of Monday, according to CoinMarketCap. The rip-off, which was reported by Gizmodo, known as a “rug pull.” Which means the crypto’s creators money out of their cash in alternate for actual cash, shortly devaluing the crypto’s worth.

Earlier than the rug pull, the crypto’s market cap was a bit greater than $2 million, in line with CoinMarketCap.

SQUID was billed as a token that can be utilized for a brand new on-line sport impressed by the favored Korean language sequence, which is predicated on a lethal match of youngsters’s video games. GIzmodo identified quite a few indicators it was a rip-off, together with its (now disappeared) web site being stuffed with spelling errors. One other purple flag: Traders may purchase — however not promote — SQUID.

CoinMarketCap additionally warned potential traders that SQUID was most likely a rip-off, displaying a warning to “train excessive warning” in the event that they purchased the crypto.

“Squid Recreation”— a dystopian fictional drama — has develop into Netflix’s prime present globally. The corporate told CNN Business earlier this month that it had been considered by 111 million accounts since its debut in September, making it the corporate’s “biggest-ever” sequence launch. Executives have pointed to the present as proof that its rising slate of worldwide content material can resonate with a wide range of audiences.

Netflix (NFLX) instructed CNN Enterprise final week that it was not affiliated with the cryptocurrency, and declined to remark additional.

CNN Enterprise reached out to builders of the SQUID mission by contact info listed on its web site, and didn’t instantly obtain a response.

— CNN Enterprise’ Michelle Toh contributed to this report.

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