Beautiful Virgin Islands

Tuesday, Jun 03, 2025

Squid Game crypto token plunges to $0 as creators steal millions from investors in ‘obvious scam’

Squid Game crypto token plunges to $0 as creators steal millions from investors in ‘obvious scam’

The market value of Squid, a new crypto token based on Netflix’s hit series ‘Squid Game’, has dropped almost to zero after skyrocketing to $2,850 per coin in a day, with investors reporting they are unable to withdraw their funds.
Squid, initially launched last week at just 1 cent, jumped 7,500% from $37 on October 31 to $2,850 per coin on Monday. However, within just a few minutes, the token’s value collapsed to $0.0008, according to crypto-tracking website CoinMarketCap.

Crypto analysts at Gizmodo say such things happen when cryptocurrency creators abruptly withdraw their tokens to cash in on gullible investors, a mechanism called “rug pull” by crypto investors. Squid’s developers have reportedly gotten away with an estimated $3.38 million.

Gizmodo experts also state that Squid was an “obvious scam” from the start due to the fact that the coins could be bought but not sold. The ban on the sale could have been part of anti-dumping protection, but the token’s documentation did not mention any market control mechanisms, the publication noted.

CoinMarketCap reported complaints from investors who could not sell the token, while CryptoPotato wrote that some crypto enthusiasts who invested in Squid were unable to withdraw their money.

Squid creators initially stated that the token would be an exclusive coin of the platform for a crypto game based on the Netflix series. The online tournament was due to start in November. However, now the game’s site SquidGame.cash is inaccessible, and accounts on social networks have disappeared.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
×