London Daily

Focus on the big picture.
Saturday, Feb 22, 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
Good News: Senate Confirms Kash Patel as FBI Director
Officials from the U.S. and Hungary Engage in Talks on Economic Collaboration and Sanctions Strategy
James Bond Franchise Transitions to Amazon MGM Studios
Technology Giants Ramp Up Lobbying Initiatives Against Strict EU Regulations
Alibaba Exceeds Quarterly Projections Fueled by Growth in Cloud and AI
Tequila Sector Faces Surplus Crisis as Agave Prices Dive Sharply
Residents of Flintshire Mobile Home Park Grapple with Maintenance Issues and Uncertain Future
Ronan Keating Criticizes Irish Justice System Following Fatal Crash Involving His Brother
Gordon Ramsay's Lucky Cat Restaurant Faces Unprecedented Theft
Israeli Family Mourns Loss of Peace Advocate Oded Lifschitz as Body Returned from Gaza
Former UK Defense Chief Calls for Enhanced European Support for Ukraine
Pope Francis Admitted to Hospital in Rome Amid Rising Succession Speculation
Senate Republican Leader Mitch McConnell, at the age of 83, Declares His Retirement.
Whistleblower Reveals Whitehall’s Focus on Kabul Animal Airlift Amid Crisis
Politicians Who Deliberately Lie Could Face Removal from Office in Wales
Scottish Labour Faces Challenges Ahead of 2026 Holyrood Elections
Leftwing Activists Less Likely to Work with Political Rivals, Study Finds
Boris Johnson to Host 'An Evening with Boris Johnson' at Edinburgh's Usher Hall
Planned Change in British Citizenship Rules Faces First Legal Challenge
Northumberland Postal Worker Sentenced for Sexual Assaults During Deliveries
British Journalist Missing in Brazil for 11 Days
Tesco Fixes Website Glitch That Disrupted Online Grocery Orders
Amnesty International Critiques UK's Predictive Policing Practices
Burglar Jailed After Falling into Home-Made Trap in Blyth
Sellafield Nuclear Site Exits Special Measures for Physical Security Amid Ongoing Cybersecurity Concerns
Avian Influenza Impact on Seals in Norfolk: Four Deaths Confirmed
First Arrest Under Scotland's Abortion Clinic Buffer Zone Law Amidst International Controversy
Meghan Markle Rebrands Lifestyle Venture as 'As Ever' Ahead of Netflix Series Launch
Inter-Island Ferry Services Between Guernsey and Jersey Set to Expand
Significant Proportion of Cancer Patients in England and Wales Not Receiving Recommended Treatments
Final Consultation Launched for Vyrnwy Frankton Power Line Project
Drug Misuse Deaths in Scotland Rise by 12% in 2023
Failed £100 Million Cocaine Smuggling Operation in the Scottish Highlands
Central Cee Equals MOBO Awards Record; Bashy and Ayra Starr Among Top Honorees
EastEnders: Four Decades of Challenging Social Norms
Jonathan Bailey Channels 'Succession' in Bold Richard II Performance
Northern Ireland's First Astronaut Engages in Rigorous Spacewalk Training
Former Postman Sentenced for Series of Sexual Offences in Northumberland
Record Surge in Anti-Muslim Hate Crimes Across the UK in 2024
Omagh Bombing Inquiry Concludes Commemorative Hearings with Survivor Testimonies
UK Government Introduces 'Ronan's Law' to Combat Online Knife Sales to Minors
Metal Detectorists Unearth 15th-Century Coin Hoard in Scottish Borders
Woman Charged in 1978 Death of Five-Year-Old Girl in South London
Expanding Sinkhole in Godstone, Surrey, Forces Evacuations and Road Closures
Bangor University Announces Plans to Cut 200 Jobs Amid £15 Million Savings Target
British Journalist Charlotte Peet Reported Missing in Brazil
UK Inflation Rises to 3% in January Amid Higher Food Prices and School Fees
Starmer Defends Zelensky Amidst Trump's 'Dictator' Allegation
Zelensky Calls on World Leaders to Back Peace Efforts in Light of Strains with Trump
UK Prime minister, Mr. Keir Starmer, has stated that any peace agreement aimed at ending the conflict in Ukraine "MUST" include a US security guarantee to deter Russian aggression
×