A Squid Game cryptocurrency called Squid, which was launched less than a month ago, with its creators’ identity unknown, has made away with an estimated $3.33 million.
The cryptocurrency inspired by Squid Game peaked at a price of $2,861 before plummeting to $0 according to the website CoinMarketCap.
The Squid crypto coin wasn’t officially affiliated with Squid Game, the popular Netflix show that debuted on September 17.
Despite the non-affiliation, the concept of the coin drew on the show’s content. As detailed in Squid’s white paper, which is essentially a rule book of the crypto.
After jumping more than 310,000% in value as of Sunday night, Squid lost all its value after Twitter flagged the cryptocurrency’s account and temporarily restricted it due to “suspicious activity”.
Before its collapse, the token’s value had spiked to $2,851. However, the token’s website and social accounts have disappeared, along with a white paper describing Squid.
The token was made available for purchase on 20 October with the idea that the cryptocurrency would be a pay-to-play token to play an online game, inspired by Squid Game, the hit series in which heavily indebted people play deadly versions of children’s games to win cash.
The game was set to launch in November and its promoters said winners would be rewarded with more Squid tokens.
According to Gizmodo, the creators of the cryptocurrency could have made off with as much as $2.1m after the token’s crash.
An anonymous Squid investor told CoinMarketCap: “I lost all of what I had in this project,” after an investment of $5,000 into the cryptocurrency.
CoinMarketCap, a cryptocurrency price-tracking website, had warned potential buyers before the crash of the cryptocurrency’s possibly fraudulent nature, telling investors to “please do your own due diligence and exercise caution while trading” and warning them that investors were having trouble selling their tokens.
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