Founders of Squid Game inspired cryptocurrency, which bears the same name, have defrauded its investors of $3.38 million, as the asset’s value crashed to $0 this week.
The crypto had been trading around $2,861 before the crash, as the anonymous creators lured in investors since October 20, with a promise of making available, game-like Squid, with winners getting Squid tokens as compensation.
Prior to the crash, cryptocurrency listing platform, CoinMarketCap, had warned prospective buyers of Squid tokens to be vigilant and conduct due diligence before investing in the new crypto asset which rose to fame on the back of the famous Netflix series.
It had stated that some holders were unable to sell their Squid tokens to take out their money after investing in the crypto – meaning their investment got stuck with the anonymous creator(s).
Twitter had also restricted the handle of Squid Game crypto due to what it termed suspicious activity, shortly after, the value of the digital asset, which still appreciated by 310,000 percent on Sunday night, began to depreciate drastically.
Before it crashed, the game for Squid crypto was expected to launch this month, with interested players meant to pay before playing, and winning participant receive Squid tokens as reward.
According to Gizmodo, the money lost to Squid Game cryptocurrency promoters is estimated at $2.1 million, as the markets is uncertain the precise amount lost.