Squid

The Catastrophic Fall of the Squid Game-inspired cryptocurrency

Micah Shin - Senior Correspondent, USA

06:00 AM, December 9, 2021

The creators of Squid lured in many unsuspecting investors with an “play-to-win” set-up, using the recent popularity of the South Korean show ‘Squid Game’ to attract more users with the promise of a new game in which they could spend Squid Token.

However, after soaring by thousands in percent, investors soon figured out the malicious intentions behind Squid. After purchasing Squid Token, consumers could not resell it. The value of Squid Token barrelled downwards, while those behind this scam made millions. How safe is cryptocurrency?

The world of crypto has been experiencing a major security issue. According to Coinbase, hackers have been able to exploit users, affecting over 6,000 customers in the past month alone. Thus, while crypto surges in popularity, users should be warned and remember to always practice good digital security habits. Fanaticism surrounding cryptocurrency warrants precautionary measures for users: keeping accounts secure is crucial during this time.