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Game over! Squid Game-inspired crypto scam collapses as price crashes from $2.8K to zero
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A cryptocurrency inspired by Netflix's internationally hit TV show "Squid Game" scammed investors in what appears to be a $3.38 million "rug pull" scheme.
Dubbed "SQUID," the cryptocurrency plunged to almost a fraction of a cent minutes after crossing over $2,850 at 09:35 UTC, Nov. 1. The deadly drop surfaced following a 75,000% bull run, showcasing a greater demand for SQUID among traders after its debut on Oct. 26.
At the core of the retail craze lay the popularity of Squid Game. The scammers promoted SQUID as a play-to-earn cryptocurrency inspired by the South Korean TV fictional show in which people put their lives at risk to play a series of children's games for the opportunity to win 45.6 billion won (~$38.7 million).
The marketing ploy
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