Investors lose thousands of dollars after 'Squid Game' inspired cryptocurrency collapses. ... The $1,000 investment he made in Squid, a new cryptocurrency project inspired by the dystopian Netflix drama “Squid Game,” had skyrocketed in price. But within five minutes Monday, his money disappeared.
Bianca you wrote the digital currency called squid was launched in late october and it quickly skyrocketed in price reaching more than two thousand eight hundred and sixty dollars per token monday morning before losing all of its value after the project's unknown creators appeared to cash out squid tokens worth more than three million dollars this sounds like a show itself uh.
You spoke with some investors who basically lost everything in a matter of minutes what did they tell youyeah that's right i spoke to one person.
Who invested a thousand dollars and lost it all during the collapse he says while he knew there were risks he was shocked meanwhile another was angry he told me it paints a bad picture of cryptocurrency and it's sad for all.
The legitimate projects out there so what protections do those investors have here will they get any of their money back short there's not a lot that investors can do it's not clear who was behind the project let alone who withdrew.
The money nd it's an industry that's not regulated in the same way that banks are so we're seeing this happen more and more and experts tell me this is yet another example that crypto is increasingly becoming a hotbed for criminals and fraudsters netflix told cnbc they have nothing to do with this were there any warning signs that squid might be a scam before the collapse yeah there were a number of clues on the project's website that suggested it wasn't all.
It appeared to be the token's white paper which is a document that outlines the project to investors was riddled with spelling errors the website also listed names and photos of the so-called creators but a quick search from google and linkedin revealed these people didn't even exist and as you mentioned the website said it had partnered with netflix which was completely untrue bianca let's talk about what a scam like this does to legitimate cryptocurrency options we know crypto struggled with the perception that.
It's not legit for some time now and it still does this certainly can't help no it can't and you know people talk about they want to regulate.
It but you know it's a fight between pro crypto people and economists and it's a fight that's going to keep happening but people want to remain anonymous in the crypto sphere so there's it's going to keep happening unless something is done in terms of regulation oh my heart goes out to those investors today that's a horrible thing to have us today
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