An estimated USD2.1 million has been reportedly stolen from investors on a cryptocurrency platform, SQUID, which was named after the popular Netflix series “Squid Game”.
The platform is currently trading at USD0 after its creators cashed out millions of dollars from investors who were hoping to get a huge return on their investments, CNN reported.
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The cryptocurrency, appropriately called SQUID, skyrocketed to an all time USD2,861 before crashing to $0 on Monday, according to CoinMarketCap.
The scam, which was reported by Gizmodo, is called a “rug pull.” That means the cryptds creators cash out of their coins in exchange for real money, quickly devaluing the cryptds value.
Cryptocurrency is the new trend of investment for most people especially young adults.
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