Investors Lost Big, Over $2 Million Gone After Squid Game Crypto Hoax

The thriller series wasn’t just popular on Netflix– it was a cryptocurrency hit too.

The crypto, known as SQUID, left investors with nothing after the creators cashed out on Monday. The “rug pull” scam, initially reported by Gizmodo, occurs when a creator cashes out coins in exchange for real money, which quickly devalues the crypto’s worth. It was marketed initially as a token to be used for a new online game inspired by the Korean series, however there were a few red flags that alerted Gizmodo to the fact it may have been a scam.

Gizmodo pointed out that the SQUID associated website, which has now gone offline, contained numerous spelling errors. In addition to this, investors were able to buy but not sell SQUID. These suspicious details, which may seem small, add up when considering how tradable popular currencies like Bitcoin and Ethereum are.

The television series this cryptocurrency was based on, Squid Game, has quickly skyrocketed in international popularity. Set in Korea, a gambling man wagers himself in this dystopian fictional series. You’ll need to watch the show with subtitles if you’re a native English speaker, but it is definitely worth a watch.

At its peak, the SQUID crypto went as high as $2,861 before quickly reaching $0. The market cap before it plunged in price was slightly more than $2 million. Netflix has reported that it was not affiliated with the cryptocurrency and declined to comment further on the matter.