Squid Game Cryptocurrency Crashes From $2800 To $0; Scammers Make $2.1 Million

The famous Netflix series Squid Games had a cryptocurrency inspired by it. The $SQUID token rose in value as people flocked to own the cryptocurrency.

Just recently we reported that the SQUID token rose 500% within 24 hours as the fans of Squid Game series went on a buying spree. However, seems like the party is over now.

The Scam

$SQUID token touched a record high of $2861 before crashing to $0 in value. While Clout News warned in it’s previous story that SQUID token owners were unable to sell their coins, many investors still fell prey to the trap.

The notorious group behind the entire SQUID cryptocurrency project has now pulled the plug on the project, escaping away with a net $2.1 million.

The website of the token has been taken down and is no longer to be found. All other social media handles that were set up for the SQUID crypto token are also deactivated and no longer to be found. It had a lot of red flags when it was launched such as Telegram channel did not allow comments from outsiders, and the Twitter handle had the replies option turned off.

$SQUID Token Performance

Even though the investors of SQUID were not able to sell the token whenever they wanted to, mainstream media outlets ran stories highlighting that the token has given 83,000% return in a short spam of time.

Couple with public hype, the cryptocurrency token kept rallying but alas, the bubble burst and investors faced the grimming reality of the $SQUID token.

There’s a reason traditional currency has largely been the domain of governments throughout recorded history. Everyone participating in a given society needs to agree that a currency is worth something, and there are few institutions outside of government that can lend credibility to something so important. Libertarians will tell you otherwise, but we’ll have to disagree on this one. (Courtesy: Gizmodo)