The hype of cryptocurrencies and crypto exchanges has really picked up in 2021. And as is often the case with success stories, it doesn’t take long for criminals and dangers to consumers to show up. At the end of 2021, it has now hit cryptos and even the popular streaming provider Netflix. The talk is of the Squid Game Coin. You may have heard the name yourself or over your own children or siblings.
Scammers have taken advantage of this crypto trading hype. Promptly, a new cryptocurrency called Squid Game Coin was offered for sale on the market. However, that was not enough. Thus, with just one US dollar, one could buy access to a supposed online game that was modeled after the Squid Game. The more successful you were as a player, the more Squid Game Coins you could have won.
Media played into the hands of the scammers
The media played a significant role in the success of the scam. Despite the quickly emerging warnings from cryptomarket experts, TV, print and internet media skillfully put the spotlight on the supposed new currency. For investors, private investors or pure newcomers in the field of cryptocurrencies, this was a subtle sign that it was a real offer and a real currency. The media was quick to report, among other things, that the value had increased by up to 83,000%.
Squid Game Coin Scam: Non-tradable value
After buying Squid Game Coins, good advice was then expensive, where actually the new cryptocurrency can be traded and sold. For example, those who know the official website of Bitcoin will know that all the information can be found there. This was different with the official website of Squid Game Coins. Close examination revealed the lack of professionalism; if only for the deactivation of the comment functions. More and more voices from the industry became loud and tried to stop the ignited rocket in the world of cryptocurrencies. Without success, the coins continued to sell at breakneck speed.
Squid Game Coin losses in the millions for consumers
As quickly as the new cryptocurrency had entered the market, it disappeared again. What exactly happened didn’t take experts long to explain. The string pullers behind the scam took a rug pull. This means that they pulled investors’ and investors’ deposits that had been made up to that point from the market. Within less than five minutes, the value of the fantasy currency plummeted. If the Squid Game Coins were just worth 2,800 US dollars, one Squid Game Coin was only worth 0.0007 US dollars at the end. The fraudsters could not be caught until today.
When scam warnings are turned down …
Each individual must ask himself why the warnings that had already appeared early on were not taken seriously. Even experts were still warning against buying the new digital currency until shortly before the surprise rug pull. Now the question arises, what must be done differently next time, so that consumers:inside from Germany can be protected from a renewed fraud of this magnitude. Very good options that anyone can carry out are the serious examination of online sources, consumer protection news and research on the offer or provider. Also contacting the regional consumer protection can contribute to speedy certainty whether it is a serious offer or fraud on a small or in the case large scale.
What is behind the original Squid Game
Squid Game is the most successful Netflix series of all time. Since its entry into the Top10 of the Netflix platform, the Korean film work has held its own in the German Top10 and has since made a significant impact on Halloween 2021. But the Netflix series has got competition. The talk is of Hellbound, a horror series that again comes from South Korea and plays with the fear of death. Whether this hype will end in fraud again remains to be seen.