The popularity of the blockbuster Netflix series that has kept the world intoxicated for the past few days has skyrocketed, and a fake cryptocurrency was released a few days ago inspired by this series. Fraudsters use the show's popularity to create squid game cryptocurrency and lure people to invest in these coins.
And since people are also huge fans of this show, they invested their money without thinking much about this cryptocurrency. This cryptocurrency also become popular for it's popular name. And a few days later, the coin has just been scammed, which resulted in millions of money being embezzled from investors. The fraudsters reportedly embezzled an estimated 3.36 million USD. Just In a few days, the value of the squid game goes down to zero!!! This is not the first time that people has lost a lot of money by investing in cryptocurrencies. This is one of the latest scams related to cryptocurrency only.
Here, hackers have resorted to a completely different tactic to entice the public, which is bound to attract people. In general, when the price of cryptocurrency reaches its highest value, people convert it into cash. But the price of squid game cryptocurrencies skyrocketed to such an extent that it at one time cost a high percentage more than other cryptocurrencies!!!
Although it was a scam and no money was returned to the investors, all the investors have faced a final collapse. Investors are asked to buy pay-to-play tokens for an online game, inspired by the Korean show Squid Game on Netflix. And the price of this coin was going up a lot. The hackers were able to exploit their interests by exploiting people's superstitions.
Coinmarketcap later issued a warning about this cryptocurrency. Binance is also investigating the matter.
Binance has said the team is "deploying blockchain analytics to identify the bad actors," according to a spokesperson. "Our security team has launched an investigation — as a gesture of goodwill," the spokesperson added in an email to Business Insider.source
So no matter what attracts or entices you towards a cryptocurrency, you should never invest money recklessly behind it without analyzing it. There is no doubt that investors now have no choice but to slap their heads. So think and invest in cryptocurrency. Thank you.