The series is currently electrifying the masses and is now the most-watched series of all time.
(Photo: imago images / ZUMA Wire)
Dusseldorf 23 million percent return in six days? Not only does that sound too good to be true, in the case of cryptocurrency it was. The social token for the Netflix cult series Squid Game, which was released last week, has turned out to be a fraud. The damage is at least $ 3.3 million.
That’s what happened: The nine-part TV drama Squid Game is currently electrifying the masses and is now the most-watched series of all time. When a cryptocurrency called Squid Game hit the market last week, it caused a sensation on social media.
The founders of the token announced an online tournament based on the course of the series on a specially created website and various social media accounts. There should have been a total of six rounds, for each of which the participants received an entry fee in Squid-Coin would have paid. Whoever wins the final round should receive all entry fees minus a commission for the developers.
The coin then put on a crazy rally within a few days: Last Wednesday (October 26), the first trading day reported by the analysis company Coinmarketcap, the price was 0.01229. On Friday the price had already risen to $ 2.31 and reached its high of $ 2,861.80 on Monday.
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So if you had invested ten dollars at the beginning, you would have received a good 800 coins. These would have been worth more than two million dollars at the peak. A return of 23 million percent.
Withdrawal of the coins not possible
The problem: Investors couldn’t sell their coins – which made the rally even worse. This was justified in the white paper of the cryptocurrency with a special protection mechanism. Coinmarketcap therefore published a warning to this effect early on. Netflix also stated that the cryptocurrency had nothing to do with the series and that the streaming service did not support it.
On Monday, someone – presumably the founders – had Squid Game Coins worth 3.3 million US dollars paid out, as the analysis site Bsc-Scan shows. The course then collapsed – the crypto currency turned out to be a fraud. In the meantime, the website and social media accounts have also been deleted.
This leaves investors with a total loss. The current rate is $ 0.01127.
More: Netflix megahit “Squid Game”: The next export hit from Korea goes around the world.