Squid Game Crypto Currency Results in Millions Lost


Aleks Smith, Reporter

Popular South Korean show Squid Game has seemingly blown up to epic proportions in the last couple of weeks, and as all things in the time of NFTs and Crypto, it isn’t much of a surprise to hear of a new Squid Game themed coin. Squid Game, a show that has simply taken over every facet of social media, only helped to boost this crpyto coin by riding its wave of success.

From Halloween Day to November 1st, the price rose from $38.17 to $2,860.00 at 2:35 am. The eight wallets that contained 1% of all tokens transferred $3.4 million to another wallet, pulling the rug from under investors, making the price plummet to basically zero (coinmarketcap). These actions haven’t gone unnoticed, but the anonymity of cryptocurrencies makes it difficult to hold anyone accountable. Some crypto exchanges are considering blacklisting wallets tied to the token’s developers (CoinDesk). Crypto investors warn of similar scams coming in the future, especially since the recent mainstream attention cryptocurrency investing has become.

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