Cryptocurrency developers on "The Squid Game" turned out to be fraudsters and embezzled nearly $3,400,000

The other day we wrote about the SQUID cryptocurrency based on the "Squid Game" series, which went from $40 to $2,856 in a few hours and then collapsed to zero. As it turns out, the developers of the token turned out to be scammers.

What's known

Fraudsters release the cryptocurrency, hype it up, and promise access to decentralized exchanges that don't require verification. When investors buy up the coins, the scammers simply disappear. This type of fraud is called rug pulling.

What's interesting is that users were not alerted by the fact that the white paper indicated that SQUID cryptocurrency cannot be sold. Some investors assumed that it could be used to pay for participation in the tournament, which was promised by the developers.

Critics also pointed out that the organizers' website had many spelling and grammatical errors. But it has been down for a few days, as have the social media accounts that promoted the tokens. Gizmodo reports that the fraudsters embezzled about $3.38 million. About 40,000 users have purchased SQUID tokens in total these days.

Source: BBC