SQUID bore the signs of a scam nicknamed the 'rug pull' in reference to a carpet being yanked from under investors' feet.
An unsanctioned Squid Game cryptocurrency that played off the hit Netflix series made big losers out of people who bought in only to see the value plummet on Tuesday.
The streaming television powerhouse has touted the South Korean series as the most-watched program in its history. But it plunged even faster and was worth less than a penny on Tuesday after its creators evidently converted an estimated $2.5 million to $3.5 million into other currencies. "There is growing evidence that this project has rugged," CoinMarketCap said in a message at its website's SQUID page.
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