Squid Game crypto collapses after scammers steal millions from investors

It’s been hailed as a tv-show inspired success, but now the popular Squid Game cryptocurrency has collapsed

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.

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.