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- A ‘Squid Game’ cryptocurrency skyrocketed 75,000% but then crashed to a fraction of a cent within a few days.
- Regulators in the US and the UK have previously warned investors about crypto pump-and-dump schemes.
- Crypto and finance experts told Insider how smart investors can protect themselves.
A cryptocurrency inspired by the Netflix hit ‘Squid Game’ was revealed to be a scam this week, as links to the token’s website and social media died just days after its price soared 75,000%.
“Website and social media accounts being deleted is a very obvious sign that [the token] is a scam,” Bobby Ong, a co-founder of the crypto firm CoinGecko, told Insider in a recent interview. “The scam has completed its cycle, and the price has just dropped significantly.”
The “Squid Game” token skyrocketed in price from $0.01 to $38 last week, according to CoinMarketCap data. It stepped up to about $90 early Monday, then spiked to just above $2,861, before plummeting to $0.003467 at 10 a.m. ET.
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