Squid (cryptocurrency)

Main article: Cryptocurrencies

SQUID ("squid") is a cryptocurrency created based on the South Korean series "Squid Game."

2021: Cryptocurrency launch and disappearance of developers with money

In October 2021, the SQUID cryptocurrency, created based on the South Korean series Squid Game, increased in value 25 times per day (by 2400%). The currency was created by anonymous developers. The project capitalization exceeded $174 million. According to a white paper on cryptocurrency, its preliminary sale began on October 20, 2021, on one of the sites it was placed on October 21. SQUID was estimated at $3.6 per unit.

SQUID is one of the cryptocurrencies based on pop culture phenomena, "which showed a sharp growth for no apparent reason, with the exception of good recognition." As similar examples, Dogecoin cryptocurrencies inspired by the corresponding Internet meme can be cited.

Part of the owners of cryptocurrency in the "Game of squid" faced the inability to sell it on the site. Presumably, this is due to anti-dumping restrictions of developers.

Another distinguishing feature of this project is the ability to use cryptocurrency to participate in online games based on the series. For participation in each round you need to pay with cryptocurrency, the winners will receive a prize. The entry fee for the last round in October 28 was estimated at about $33 450. The organizers will retain 10% of all introductory contributions.

A few days after the launch, it became known that the founders of the Squid Game token, created based on the series "Squid Game," deceived all buyers and fled. The price fell 99.9%, to $0.008. At the same time, last week it rose from $0.01 to above $2.8 thousand.

Now the social networks of the project and its site are unavailable. According to the address of the cryptocurrency contract, over 40 thousand users acquired it. At the same time, information about the impossibility of selling altcoin was spelled out in white papers.

Project leaders promised in November 2021 to launch an online tournament, which will consist of six rounds similar to games in the series. It was assumed that SQUID tokens would need to be paid for participating in the tournament. And upon its completion, the funds will be distributed between the developers and the winner in proportions of 10% and 90%.

The project turned out to be fraudulent: having sold 'digital phantoms', the founders used a pre-prepared exploit in a smart contract, stealing investor funds. This story clearly demonstrates that an investment decision based only on "meme," fashion and excitement can lead to deplorable consequences.