London Daily

Focus on the big picture.
Thursday, Jul 31, 2025

'Squid Game' cryptocurrency appears a scam as creators vanish with investments

'Squid Game' cryptocurrency appears a scam as creators vanish with investments

The value of the token, with the branding of the hit Netflix series, surged more than 300,000% in a few days - but there were red flags aplenty as investors were unable to sell their tokens from the beginning.

A cryptocurrency launched with the branding of hit Netflix series Squid Game has disappeared from the web, leaving investors out of pocket and fearing that they've been scammed.

The token had surged more than 300,000% since launch, being valued at over $2,850 (£2089), before suddenly dropping to almost zero when the creators seemed to vanish with investors' funds.

It had launched to celebratory news reports telling fans of the dystopian series that there was a cryptocurrency for them to join an online version of the game, due to start in November.

However, all those investors and players have now been left out of pocket, with the value of the currency dropping to near zero and the creators' website disappearing from the web.

Investors were told they could play an online version of the game coming in November.


Many onlookers noted numerous red flags as the currency's popularity soared.

Its creators were not allowing investors to resell any of the tokens which they had purchased, and there was no official licensing agreement for the use of the Squid Game intellectual property.

At the time, the creators claimed they were using an anti-dumping technology that prevented people from selling their coins in a manner that would distort its market value, and that a second cryptocurrency they were developing would allow winners to sell their holdings.

But investors fear those claims appear to have been cover for the scam.

The type of suspected scam - known as a "rug pull" - happens when the developers of a cryptocurrency run off with investors' funds, leaving the value of the currency to drop to practically nothing.

The series, which Netflix described as its biggest ever launch, with 111 million viewers in the first 28 days, is set in South Korea.

It follows people who are heavily in debt invited to play a series of challenges which could see them scoop 45.6bn (around £28m), only to discover that losing the challenges means death.

Fans of the series were told - in broken English, another red flag - that the more people who joined, "the larger reward will be" - and that 90% of the investments would go to the winner.

Cryptocurrency website CoinMarketCap warned traders: "We have received multiple reports that the website and socials are no longer functional and users are not able to sell this token."

"There is growing evidence that this project has rugged," it added, referencing the scam.

"Please do your own due diligence and exercise extreme caution. This project, while clearly inspired by the Netflix show of the same name, is NOT affiliated with the official IP."

Newsletter

Related Articles

0:00
0:00
Close
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
The British propaganda channel BBC News lies again.
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
×