A digital coin inspired by the popular Netflix series “Round 6” is trading at $0 after its creators cashed out, effectively stealing about $2.1 million (about R$11.9 million) from the investors.
The cryptocurrency, called SQUID (reference to the series’ English name, “Squid Game”), was worth US$ 2,861 (R$ 16.2 thousand) before dropping to US$ 0 on Monday (1). according to CoinMarketCap.
The coup, which has been reported by Gizmodo, is called a “carpet pull.” This means that the creators of cryptocurrency withdraw their shares in exchange for real money, quickly devaluing the value of the digital currency.
Before the coup, the cryptocurrency’s market capitalization was just over $2 million (R$11.3 million), according to CoinMarketCap.
SQUID is a token that can be used for a new online game inspired by the popular Korean series, which features a deadly tournament of children’s games.
GIzmodo pointed out several signs that it was a scam, including its website (now down) full of spelling errors. Another warning sign: investors could buy, but not sell, SQUID.
CoinMarketCap also warned potential investors that the SQUID was likely a hoax, displaying a warning “to be extremely careful” if buying the cryptocurrency.
“Roud 6” – a dystopian fictional drama – has become Netflix’s flagship series worldwide. The company told the CNN earlier this month it has been seen by 111 million accounts since its debut in September, making it the company’s “highest launch series”.
Executives pointed to the show as evidence that its growing list of international content can resonate with a variety of audiences.
A Netflix disse to CNN last week that it was not affiliated with the cryptocurrency and declined to comment further.
A CNN contacted the SQUID project developers via the contact information listed on their website and did not receive an immediate response.
Reference: CNN Brasil
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