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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. 

Crypto

SWIFT could soon be opening up with blockchain assets after new deal

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SWIFT could soon open up even further with blockchain assets

The financial telco is teaming up with the blockchain oracle network, Chainlink.

The pair are working on a proof-of-concept, which would allow SWIFT to allow token transfers across a range of blockchain environments.

The company believes this will give financial institutions the chance to become blockchain-friendly, without higher costs.

It’s not the first time these two firms have worked together. In fact, another proof-of-concept around bond issuance was tested around five years ago.

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Business

We know how the crypto market will recover, but when?

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$2.2 Trillion Institutional Crypto Price Prediction Reveals Bitcoin And Ethereum Could Be Poised For Recovery

The crypto market took a huge hit after the Federal Reserve’s announcement of quantitative easing, but one analyst is predicting that both bitcoin and ethereum could stage a recovery in the near future.

According to a report from investment firm JP Morgan, the two largest cryptocurrencies by market capitalization could see prices rise to $14,000 and $3,900 per coin, respectively.

This would represent a significant rebound from their current levels of around $10,000 and $200.

The report cites the recent influx of institutional investors into the crypto space as a key driver of this price growth.

With more and more big money players getting involved in crypto, JP Morgan predicts that the market could soon see a “new paradigm” of price discovery.

So far, crypto has been largely driven by retail investors, who are often more prone to emotional buying and selling.

With institutional investors coming in, there could be more stability in the market and less volatility.

JP Morgan’s report is just one of many bullish crypto predictions that have come out in recent months.

With more and more mainstream companies and financial institutions taking crypto seriously, it seems that the once-niche market is finally coming into the mainstream.

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Business

Ex-Crypto boss Do Kwon denies he’s on the run

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Do Kwon is denying reports he is on the run

The founder of Terraform Labs denied reports he is on the run from South Korean authorities.

It follows an international arrest warrant being issued for the cryptocurrency executive

Kwon’s company was behind the algorithmic stablecoin terra and its sister token luna, which collapsed in value from around $60 billion to nearly nothing in May.

The collapse of these tokens caused a ripple effect throughout the cryptocurrency industry, with those exposed to terra and luna, including Three Arrows Capital, feeling the pain.

Kwon insists that he is not fleeing from authorities and is cooperating with investigators.

Some analysts say this case highlights the risks associated with investing in cryptocurrency.

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