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Squid Game crypto collapses after scammers steal millions from investors

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The digital currency, based off the popular Squid Game Netflix series collapsed after scammers stole over $2 million from investors.

The crypto, trading as “Squid” has dropped to $0 after its creators cashed out – effectively stealing an estimated $2.1 million from those that invested in the digital coin.

The cryptocurrency surged as high as $2861 before falling to $0 on Monday, according to CoinMarketCap.

Gizmodo reports the scam is being called a “rug pull.” – That means the crypto’s creators cash out of their coins in exchange for real money, quickly devaluing the crypto’s value.

Prior to the rug pull, the digital coin’s market cap was a little more than $2 million.

SQUID was billed as a token that can be used for a new online game inspired by the popular Korean language series, which is based on a deadly tournament of children’s games – somewhat similar to the Hunger Games.

Reports cited numerous signs that the digital coin was a scam, including its (now disappeared) website being filled with spelling errors.

Squid Game has been hailed as a Netflix success / Image: File

Another red flag: Investors could buy, but couldn’t sell SQUID coin

CoinMarketCap also warned potential investors that SQUID coin was probably a scam, displaying a warning to “exercise extreme caution” if they bought the cryptocurrency.

Netflix has since responded to the news of the cryptocurrency, confirming that it was not affiliated with the digital token.

The streaming giant declined to comment further.

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

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Crypto

Celsius Network propped up token with investor money

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It’s been revealed crypto lender Celsius used investor money and customer deposits to prop up its own token and inflate its balance sheet

 
Celsius gathered crypto deposits from retail customers and invested them in the wholesale crypto market.

It raised some of the initial capital to fund its business by creating and then selling its own crypto token.

Celsius filed for bankruptcy in July last year, after freezing customer withdrawals from its platform.

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Business

Binance & Mastercard to launch prepaid crypto card in Brazil

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Binance has launched a prepaid crypto card in Brazil in partnership with Mastercard

 
The card will be available to all Binance users in Brazil with a valid national ID, and allow them to make payments and pay bills with 13 cryptocurrencies.

The product is now in a soft-launch phase and “will be widely available in the coming weeks”.

Brazilian consumers are popular crypto users, as nearly half have made made at least one crypto transaction in the past year.

This isn’t the only South American nation to have the partnership between the two financial giants, as Argentina also has a similar offering.

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Crypto

South Korea to introduce virtual asset tracking system for crypto

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The South Korean Ministry of Justice has announced it is introducing a ‘virtual asset tracking system’

The aim will be to strengthen the tracking of money laundering and recovery of criminal proceeds using cryptocurrency.

Three-quarters of illegal foreign exchange transactions in South Korea are crypto-related.

The ministry will use the tracking system to check and monitor transaction records, extract details on the relationship between transactions, and confirm fund sources before and after transfers.

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