Founders of Squid Game motivated cryptocurrency, which bears the same name, have swindled its investors of $3.38 million, as the asset’s value has fallen to $0.
Prior to the crash, Squid game cryptocurrency had been trading around $2,861 as the unknown founders started wooing investors since October 20 under the promise of offering a game like Squid where winners will get Squid tokens as compensation.
Before the crash, CoinMarketCap, a cryptocurrency listing platform warned prospective buyers of Squid tokens to be observant and carry out due diligence before they invest in the new crypto asset which became famous courtesy of the popular Netflix series.
The platform had stated that a few holders could not sell their Squid tokens to recoup their money after they invested in the crypto – meaning their investment got stuck with the unknown founders.
Also, Twitter placed a restriction on the handle of Squid Game crypto over what it labelled as suspicious activity. Shortly after the restriction, the value of the digital currency, which still increased by 310,000 percent recently, began to fall drastically.
It should be recalled that the game for Squid crypto was scheduled to go live this month, with interested players expected to pay before playing, and the winner was expected to receive Squid tokens as a reward.
According to Gizmodo, the cash lost to Squid Game cryptocurrency creators is estimated to be around $2.1 million, as the markets are not certain about the exact amount lost.