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Cryptocurrency News Articles
Cryptocurrency Named After Netflix Drama "Squid Game" Crashes to Almost Zero Value
May 23, 2024 at 05:07 am
The so-called squid token's market value jumped to $2.4 billion at the peak of Monday's trading with a trading volume of $14 million over the last 24 hours
A cryptocurrency named after the hit Netflix series "Squid Game" crashed to nearly zero on Tuesday after a stunning rally pushed it to almost $2,800 last week, leaving some holders unable to sell their tokens.
The so-called squid token began trading on Monday at $0.08 and reached a high of $2,747 by 0819 ET, according to CoinMarketCap. Its market value also surged to $2.4 billion at the peak of the trading day.
CoinMarketCap showed a trading volume of $14 million for the token over the last 24 hours, while several reports, including one by Gizmodo, said holders of the coin were not permitted to sell the digital coin. Several tweets from users also flagged the issue.
"I can't sell my squid tokens. What gives?" asked one Twitter user on Monday.
Reuters could not independently verify the information.
Gizmodo reported that the squid token's code appeared to prevent anyone from selling the coin, a claim that was also flagged by specialist crypto news outlet Coindesk.
"A digital address linked to the project appears to have cashed out millions of dollars worth of tokens in what is known as a 'rug pull' - a situation where crypto developers abandon a project and run away with investors' money," Coindesk said in its report.
Gizmodo also reported that large portions of the squid token were being sold off, a claim that could not be independently verified by Reuters.
"We're seeing an increase in crypto scams and this is likely to continue into the future, especially with the downturn in the crypto markets," Jake Moore, cybersecurity specialist at cybersecurity firm ESET, told Reuters via email on Monday.
"Like many internet scams, they align themselves closely to the popular trends and after the hype of Squid Game, this is no different."
Squid's website appeared to be offline on Tuesday, while its Twitter account was "temporarily restricted" due to unusual activity.
"We're experiencing high volumes of suspicious activity on the platform, and we're working hard to investigate the situation and take appropriate action," a message on the squid crypto Twitter account said on Monday.
Squid has only traded for a week, according to CoinMarketCap. Its listing on PancakeSwap last Monday led to trading being briefly halted due to overwhelming demand.
Cryptocurrency scams have been rife this year, with several meme coins, or tokens based on internet culture, recording rapid booms and busts.
This echoes the soaring popularity of mainstream cryptocurrencies such as bitcoin, which reached a record high of $69,000 in November.
Last week, for instance, shiba inu cryptocurrency - a meme-inspired cryptocurrency and a spinoff of dogecoin - muscled into the top-10 largest digital tokens by market capitalization. It has, however, barely any practical use.
South Korean series Squid Game, which became a global sensation and the No.1 program on Netflix, shows hundreds of cash-strapped players competing in hyperviolent games for a chance to win billions of won.
Squid is traded on decentralized exchanges PancakeSwap and DODO. Pancakeswap did not respond to a request for comment. (Reporting by Medha Singh and Shreyashi Sanyal in Bengaluru and Tom Wilson in London; Editing by Bernard Orr and Shinjini Ganguli)
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