Security News > 2021 > November > Squid Game Crypto Scammers Rip Off Investors for Millions

Players in the Squid Game cryptocurrency market have been eliminated - at least their investment has - by what cryptocurrency watchers have called a classic "Rug-pull" scam.

When SQUID tokens were first released last week, they were valued at a paltry $0.01 but promised entry into a game with the same premise as the Squid Game series from Netflix - players in desperate financial straits compete in a ruthless, deadly series of games for a shot at winning millions.

On Nov. 1 the price started escalating dramatically, but investors were blocked from selling SQUID by a so-called "Anti-dumping mechanism." Meanwhile, scammers cashed out, according to complaints received by CoinMarketCap.

The intoxicating combination of a get-rich-quick cryptocurrency investment and the Netflix wild smash hit show Squid Game was just too much for some investors to resist, and estimates from Gizmodo peg potential losses from the scam at around $3,38 million.

"Adopting the brand of a very popular and current theme would have permitted them to cover themselves with a cloak of credibility. Combine that with the fear of missing out, they appear to have concocted a scheme to combine the Squid Game name with cryptocurrency."

That reality, coupled with renewed criminal interest in efforts to scam gamers and rip off cryptocurrency platforms, means that a fake Squid Game gaming crypto-scam seems practically predictable.

News URL

https://threatpost.com/squid-game-crypto-scammers-investors/175951/