The popularity of the South Korean Netflix series 'Squid Game' has inspired a new cryptocurrency based on a crypto play-to-earn platform. A planned online tournament would mimic the games of the famed TV show but without the ready consequences. The Squid token skyrocketed to over $2800 on the first day of trading before crashing to near $0.
CoinMarketCap, one of the few exchanges that is trading the coin issued an alert after multiple reports of users not being able to sell the currency on the Pancakeswap exchange.
Apparently, the founders of the currency disappeared with several $million with the token's website and whitepaper taken offline. Twitter has temporarily restricted the account due to "suspicious activity" and for some investors, it's 'game over'.
Netflix has stated that it is not affiliated with the cryptocurrency according to CNN Business and CoinMarketCap has displayed a warning to "exercise extreme caution" if they bought the crypto.
While most cryptocurrencies offer legitimate investment opportunities, the lure of popular culture branding and FOMO of new tokens can be a costly proposition.