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Squid Game Cryptocurrency | Researchers Say 'Obvious Scam'

Urian B., Tech Times

(Photo : Image from Squid Game Cryptocurrency | Researchers Say ‘Obvious Scam’

With the popularity of Squid Game, it’s no surprise that games and other products would pop up from nowhere. However, it seems like the craze around the show does not end there. A Squid Game cryptocurrency has suddenly popped up out of nowhere and researchers call it an “obvious scam.”

Squid Game Cryptocurrency Up Over 2,000%

The Squid Game cryptocurrency is currently up over 2,000% over two days which prompted news like BBC and Business Insider to write about the token. According to the story by Gizmodo, however, this is actually a total scam.

It was stated that it is actually extremely common for certain cryptocurrency scam artists to use certain brands coming from movies and TV, just like the crypto scam Mando, which had launched earlier in 2021 and was named after Disney’s very own Mandalorian streaming show.

Netflix Popular Squid Game

Netflix’s very own Squid Game is currently the most popular streaming show in the world as of the moment. This would make sense that scammers would make use of the name without asking official permission. Squid Game has definitely become one of the high demand Halloween costumes this 2021 as the show’s iconic characters make its way to mainstream popularity. 

The article then defends how they know that the Squid Game coin is actually a scam. It was stated that users will be able to put real money directly into the cryptocurrency, but as of the moment, there is still no evidence that users will ever be able to take it out. In simple terms, this is known as theft.

Cryptocurrency Scam of Squid Game

The website for the said Squid Game crypto actually looks quite comprehensive enough along with sections regarding very official-sounding things just like a white paper and its own audit. Anyone who has seen cryptocurrency rug-pulls in the past, just like Mando.coin, will be able to recognize the style of the website.

The Squid Game cryptocurrency scam was available at the domain which was registered back in October 12, 2021. The said white paper was filled with poor grammar, some bizarre spelling errors, and other claims that are actually impossible to verify, as per BBC and Business Insider’s reference.

Read Also: ‘Squid Game’ Crypto Price Up by 2,400% in a Day-Here’s What You Should Know

Signs of a Scam

Even the grammar of the second sentence in the said “white paper” is enough for people to know that something fishy could be going on. The whole Squid Game project is a certain crypto play to earn platform that is inspired by the popular Korean hit series on Netflix. Fans of the series should be careful as a recent Squid Game app was actually found to have the “joker” malware.

Other red flags also include the fact that there is a Telegram channel that was set up that isn’t even open to comments from those on the outside. It was also found that even the Twitter account actually makes it impossible for regular people to actually reply to the post.

As of the moment, it is still unknown as to who is behind the Squid Game coin, but there have been countless promotions of the cryptocurrency through give-aways like “airdrops.” The airdrop was reportedly promoted on YouTube on October 20, 2021.

Related Article: How to Make DIY Squid Game Costume for Halloween 2021

This article is owned by Tech Times

Written by Urian B.

ⓒ 2021 All rights reserved. Do not reproduce without permission.

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