March 25, 2023


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The squid game attracts millions before the cryptocurrency collapses

The squid game attracts millions before the cryptocurrency collapses

Similar to the successful Netflix series, its name was drawn up by the squid game, which individuals bought into millions of dollars in new cryptocurrency, the value of which has since plummeted.

The launch of this digital currency, which was announced two weeks ago, took place on October 21st. To promote their product, the creators used images from the South Korean series “Squid Game” without recognition, which, according to Netflix, has become the most viewed new program in the history of the operating system.

The value of the game of squid, which stands for SQUID, grew exponentially rapidly. According to specialty site CoinMarketCap, the unit has risen from about $ 0.7 at launch to $ 2,856.

But the price of the squid game fell as fast as it rose to $ 0.003 on Tuesday.

In a statement posted on its site, CoinMarketCap stated that savers who purchased the SQUID could not sell it or convert it to any other digital currency or dollar.

On the other hand, the developers of this cryptocurrency have issued transaction reports on several specialized sites that appear to have converted millions of dollars (approximately 2.5 to 3.5 million) from SQUID into other currencies.

It was these massive withdrawals that caused the currency to depreciate, leaving depositors virtually worthless.

This practice, often nicknamed the “rug bull” (carpet removed from investors’ feet), is very widespread in the world of virtual currencies. She has never been the subject of any known criminal activity.

The project site was taken offline and all accounts opened on social networks by the organizers were closed, with very little information spread about it.

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