Crypto coin riding Squid Game high craters after dizzying rally

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Performers deterioration costumes inspired by the Netflix amusement "Squid Game" during a Halloween lawsuit astatine an amusement parkland successful Beijing, China, October 30, 2021. REUTERS/Thomas Peter

Nov 2 (Reuters) - A cryptocurrency named aft the wildly fashionable Netflix play "Squid Game" crashed to astir zero worth connected Tuesday aft a dizzying rally pushed it to astir $2,800 past week.

The alleged squid token's marketplace worth jumped to $2.4 cardinal astatine the highest of Monday's trading with a trading measurement of $14 cardinal implicit the past 24 hours, according to CoinMarketCap.

The crushed for squid's slump was unclear. However, respective reports including 1 by Gizmodo said holders of the coin were not allowed to merchantability the integer coin. Reuters could not independently verify the information.

Specialist crypto quality outlet Coindesk reported that a integer code dumped squid tokens and cashed retired millions of dollars worthy of tokens successful what it termed a "rug pull"- a concern wherever crypto developers wantonness a task and tally distant with investors' money.

Squid's website appeared to beryllium offline connected Tuesday, portion its Twitter relationship was "temporarily restricted" owed to antithetic activity.

Squid has lone traded for a week, according to CoinMarketCap.

"Like galore net scams, cryptocurrency scams align themselves intimately to fashionable trends and aft the hype of Squid Game, this is nary different," said Jake Moore, cybersecurity specializer astatine cybersecurity steadfast ESET.

Cryptocurrencies based connected memes oregon linked to net civilization person recorded accelerated booms and busts this year, echoing soaring popularity of mainstream cryptocurrencies specified arsenic bitcoin.

Last week, for instance, shiba inu cryptocurrency - a meme-inspired cryptocurrency and a spinoff of dogecoin - muscled into the top-10 largest integer tokens by marketplace capitalization. It has, however, hardly immoderate applicable use. work much

South Korean bid Squid Game, which became a planetary sensation and the No.1 programme connected Netflix (NFLX.O), shows hundreds of cash-strapped players competing successful hyperviolent games. work much

Squid is traded connected exchanges PancakeSwap and DODO.

Pancakeswap did not respond to a petition for comment.

Reporting by Medha Singh and Shreyashi Sanyal successful Bengaluru and Tom Wilson successful London; Editing by Bernard Orr and Shinjini Ganguli

Our Standards: The Thomson Reuters Trust Principles.

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