Squid Game 2.0 in the cryptocurrency market in the form of Squid Game cryptocurrency

The cryptocurrency market has recently experienced a red light from the newly entered Squid Game cryptocurrency. Investors got shot with a massive loss of more than US$3.38 million from a team of cybercriminals. According to CoinMarketCap, the Squid Game cryptocurrency price has plummeted by 99.99%. Several professionals, as well as investors in the cryptocurrency market, expected this new entry as a cyber scam by cybercriminals. Now, the cryptocurrency has played the 'Red Light, Green Light' game with investors as well.

Squid Game is the most popular South Korean survival drama that has gained huge viewership with over 111 million on Netflix across the world. Thus, cybercriminals have started creating scams to steal money from avid fans. This Squid Game cryptocurrency was promoting itself as a 'play-to-earn cryptocurrency' just like the series. Some investors were attracted towards the new one and later on faced difficulties reselling their tokens in the cryptocurrency market. This is only possible when the developer of a token stops trading activity before making off with the raised money.

Squid Game cryptocurrency promised investors to use tokens in online games for earning more tokens and later exchange for other popular cryptocurrencies in the cryptocurrency market on October 20, 2021. Investors were told that the token was available for sale on multiple decentralized exchanges like PancakeSwap or DODO. There were grammatical errors as well as spelling mistakes on the official website, SquidGame.cash. After creating a massive loss of US$3.38 million, the website is not online and has completely vanished from the internet including all social media accounts.

Cybercriminals have successfully utilized the fame of Squid Game and pulled off a rug pull in the cryptocurrency market in two weeks. The official website of CoinMarketCap showed the highest price of Squid Game cryptocurrency at US$2,861 on Monday while suddenly the price dropped down to US$0. The rug pull strategy is known as a common process of cybercriminals to cash out the total amount of money while the price hits the all-time high in the cryptocurrency market.

Thus, this sudden massive loss in the cryptocurrency market should be a learning experience for aspiring investors as well as professional investors before investing time and money in some new cryptocurrency. The price swings are highly volatile and risky in nature, especially when there are multiple red flags related to a new cryptocurrency.