‘Squid Game’ Crypto Plunges to Zero Overnight After Massive Valuation Spike
A digital currency inspired by the popular Korean TV series “Squid Game” collapsed on Monday, less than two weeks after investors could start buying tokens. The development has since raised suspicions that the entire venture was a scam.
SQUID token’s website and social accounts disappeared after token’s value had spiked more than 310,000% and reached a peak of $2,856 late Sunday before crashing straight to zero, according to CoinMarketCap.
Additionally, investors were having trouble selling their tokens, and the cryptocurrency's white paper describing SQUID was hampered with grammatical errors.
Based on wallet activity, it’s alleged that the creator of the game effectively walked away with approximately $2.5 million of untraceable binance coin (BNB) from investors.
The game’s website, Twitter account and other social media platforms have since been deleted.
