Squid Game crypto plunges to $0 after scammers steal millions of dollars from investors
CNN
A digital currency based off the popular Netflix series "Squid Game" is trading at $0 after its creators cashed out, effectively stealing an estimated $2.1 million from investors.
The cryptocurrency, appropriately called SQUID, surged as high as $2,861 before falling to $0 as of Monday, according to CoinMarketCap. The scam, which was reported by Gizmodo, is called a "rug pull." That means the crypto's creators cash out of their coins in exchange for real money, quickly devaluing the crypto's value.
Before the rug pull, the crypto's market cap was a little more than $2 million, according to CoinMarketCap.
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