A digital token inspired by the popular South Korean Netflix series Squid Game has lost almost all of its value after being revealed to be an apparent fraud.
SQUID, which was promoted as a “play to earn” cryptocurrency, experienced a massive price increase in a matter of days, skyrocketing thousands of percentage points.
One of the main criticisms was that it did not allow investors to resell their tokens. This type of scam is commonly known as a “rug pull” among cryptocurrency investors. It occurs when the promoter of a token attracts buyers, stops trading activity, and disappears with the money raised from the sales.
