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Crypto-bros are crying into their bitcoins after it was revealed that SQUID, a cryptocurrency named after Netflix super hit Squid Game, was a scam.
Like somehow the fact it was named after a TV show exploring themes of desperation, greed and human exploitation wasn’t a red flag.
The cryptocurrency had been gaining massive traction, peaking over the weekend when by Sunday it had allegedly jumped more than 310,000 per cent in value with a price spike of $2856.
But after being flagged on Twitter where it’s account was closed and temporarily restricted due to suspicious activity, the currency nosedived losing all of its value.
Their “official” website, squidgame.cash has also disappeared off the internet.
According to Gizmodo the owners of the currency could still have made off with up to $3.38M after the crash.
The nature of the SQUID coin was linked to a digital version of the game as a pay-to-play token that would allow investors to partake in challenges and tests inspired by the TV show.
However, there were signs early on that the Squid Game-inspired coin was potentially not all that it appeared.
The currency, which had launched barely three weeks ago, and the official website read was a bombshell of spelling and grammatical errors.
Red flag.
There were also reports that while you could put money into the Squid Game coin, you couldn’t actually take it out.
Another red flag.
Potential investors and followers were also prevented from communicating with the founders across multiple platforms: their Telegram channel had blocked comments from outsiders and Twitter settings prevented anyone from replying to their posts.
But the biggest and most obvious issue with the coin was that people were unable to sell it – which is the fundamental basis of bitcoin trading.
And yet still, despite all of these red flags, people for some reason still invested.
It’s almost as though people want to lose money.
