Cryptocurrency fraud that piggybacked on the popular drama 'Squid Game' occurred, coins that were temporarily over 320,000 yen became almost worthless in an instant



Netflix's popular drama ' Squid Game ' is a survival suspense that challenges financially deprived people to a death game where they bet huge prizes, and it is gaining great popularity all over the world. In October 2021, the crypto asset 'Squid Game token (SQUID) ' that took advantage of the popularity of such a squid game appeared and showed an explosive price increase, but escaped with the funds collected by the developer. It was reported that the value of SQUID became almost zero in an instant.

'I Lost Everything': How Squid Game Token Collapsed | Alexandria
https://coinmarketcap.com/alexandria/article/i-lost-everything-how-squid-game-token-collapsed

Squid Game Cryptocurrency Scammers Make Off With $ 2.1 Million
https://gizmodo.com/squid-game-cryptocurrency-scammers-make-off-with-2-1-m-1847972824

'Squid Game' cryptocurrency turns out to be a scam, creators run off with millions
https://mashable.com/article/squid-game-cryptocurrency-scam

Squid Game cryptocurrency collapses in apparent scam | Cryptocurrencies | The Guardian
https://www.theguardian.com/technology/2021/nov/01/squid-game-cryptocurrency-scam-fears-investors

SQUID is a crypto asset inspired by squid games, and the developers have announced that they will hold an online game tournament in November 2021 with SQUID as a participation fee and prize. SQUID, which went on sale on October 26, attracted a lot of attention, and the price, which was initially a little over 1 cent (about 1 yen), jumped to $ 2.22 (about 250 yen) in just 24 hours and the market capitalization. It was reported that the total amount exceeded 174 million dollars (about 20 billion yen).

'Squid Game' cryptocurrency up nearly 2,400% in the last 24 hours
https://www.cnbc.com/2021/10/28/squid-game-cryptocurrency-up-nearly-2400percent-in-the-last-24-hours.html



While attracting attention from major media outlets such as the BBC andFortune, SQUID was also skeptical. In the first place, Netflix, the distributor of squid games, was not involved in SQUID and did not give permission to use the name. In addition, small grammatical mistakes were found in the SQUID material released by the developer, and the official domain 'SquidGame.cash' was registered just before the launch, and posts by official accounts such as Twitter and Telegram are users. It was said that the reply was restricted.

CoinMarketCap, a crypto asset price tracking website, warned users that 'investors are having a hard time cashing SQUID.' This is due to the mechanism that SQUID built in in advance, and when cashing SQUID, it was necessary to exchange it for another crypto asset called 'Marbles token' and then cash it.

However, according to CoinMarketCap, in order to get the marble token, you had to participate in a game tournament hosted by the developer of SQUID and win. In other words, until the tournament was held, SQUID couldn't be sold no matter how much the price went up, and I just had to keep it. Moreover, the tournament entry fee is said to be 456 SQUID, and investors who have less than that SQUID had to buy more SQUID or give up cashing to get Marble Token, CoinMarketCap said.

Major media outlets reporting soaring prices also pointed out that SQUID could be a scam, but SQUID's prices continued to rise. And on November 1st, Greenwich standard time, the price of SQUID, which was 38 dollars (about 4300 yen) per sheet at 6 o'clock, was 90 dollars (about 10,200 yen) at 7 o'clock and 181 dollars (about 10,200 yen) at 8 o'clock. It showed an unusual increase of 523 dollars (about 59,500 yen) at 9 o'clock (about 20,600 yen), and recorded the highest price of 2861.8 dollars (about 325,500 yen) at 9:35. Despite the apparently unusual price movements of crypto assets, which are booming in popularity, investors said they couldn't sell SQUID as mentioned above, they could only watch the price movements.

And at 9:40, the price of SQUID dropped 99.9999% at a stretch to $ 0.0007926 (about 0.08 yen), which was almost worthless. According to CoinMarketCap, the trading volume was stable at 11 million dollars (about 12.5 million yen) even while the price of SQUID was showing abnormal price movements, and the price movements did not match the activities of investors. This seems to be a typical sign that crypto asset developers abandon projects and run away with investor funds.



After all, it is said that the amount of money that the developers of SQUID escaped is 2.1 million dollars (about 238 million yen) and 3.38 million dollars (about 384 million yen). Overseas media Mashable may have played a role of promotion due to the careless report of the price increase of SQUID by major media, and it is possible that it has created victims who invest just by reading the headline without noticing the suspicion in the article. I pointed out that there is sex.

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in Note, Posted by log1h_ik