Squid Game cryptocurrency turns out to be a million-dollar scam

(Pocket-lint) - The satellite of crypto mightiness beryllium 1 that claims each sorts of unthinkable aboriginal possibilities astir decentralised banking and the extremity of transaction fees and different hurdles, but successful the present and present it's besides an country that's mostly unregulated and much than a small risky.

• Squid Game play 2 merchandise date, however to ticker and however to drawback up

That's hardly a caller lesson, but it's 1 underscored by the caller ark of Squid, a token created and marketed successful an homage to the hugely fashionable Netflix amusement Squid Game, which has taken the satellite by tempest successful the past period oregon so.

It was purportedly going to beryllium a token that allowed entree to games, overmuch similar those featured successful the show, wherever galore participants would beryllium (virtually) eliminated leaving immense prize pools for those who made it through.

That was already a premise that allowed for a batch of risk, but present the full token has collapsed aft its creators made definite no-one could merchantability disconnected their tokens, and past efficaciously disappearead. They've made disconnected with an estimated $3.38m (£2.48m), and there's not overmuch anyone tin bash astir it.

For afloat context, the token has gone from a high-point of $2,856 successful worth to its existent level astatine 1 cent, a precipitous illness that volition person outgo immoderate hopeful buyers hugely. It's a reminder that gimmicky coins and tokens could good beryllium rug-pulls successful conscionable the aforesaid way, truthful a batch of probe should spell into immoderate purchase.

Writing by Max Freeman-Mills. Originally published connected 2 November 2021.