Squid coin is a coin that was inspired by Netflix’s new series Squid Game. Squid Game is a survival drama television series that is based around a contest of 456 players that are all deep in financial debt. The promise of the game is that the winner will win 45.6 billion in South Korean won currency.
The series became an instant hit and fueled greedy developers to develop Squid Coin. The instant Squid Coin came to fruition, it uses the Netflix series as leverage and gain instant popularity.
This wave caused unsavvy investors to flock to the coin hoping for instant riches. At one point it was the fastest-growing cryptocurrency. The party suddenly came to an abrupt end when the scammers fled the scene with approximately $3.38m.
It was a traditional rug pull where a coin was pumped and then dumped leaving the investors holding the empty bag. In our world of crypto-mania, it is getting harder to spot some of these crypto scams but this one was pretty obvious.
For example, investors weren’t allowed to withdraw their tokens. Once the money is locked in, it’s literally locked. Also, their website wasn’t professional at all, there were a lot of spelling mistakes and grammatical errors. It was as if it was whipped up in a college dorm after they had a couple of drinks while developing their master plan.
Despite all these tell-tale signs, investors were blinded by the instant riches being pumped around in the crypto space.
They all got caught out and it will not be the last. Given how easy it is for it is to create a cryptocurrency, more of these types of scams will pop up leveraging some movie or game.
Regulation
It’s moments like these that will give validity to the argument for crypto regulation being pushed by governments around the world. It’s necessary given how much money is being flushed into the crypto space and some of them getting into the wrong hands.
Investors should be protected but given the large scale of the crypto space. It will take a lot of resources and a group effort to help stabilize the industry where everyone can benefit. I am not sure it will be done this decade. It is dependent on the commitment of governments.
Getting the regulation right is important. We don’t want to regulate the industry so much that innovation comes to a halt. There should be spaces where it could be in the developer’s hands to decide where the industry will go. It will be an interesting challenge and probably a daunting one given the scope of the industry.
