Squid Game mania has spread its tentacles into the crypto world, with the token for a new play-to-earn online game based on the smash-hit Netflix show soaring in value from one cent to over $6 in four days.
The online Squid Game, which its anonymous developers said was “coming soon”, is a crypto play-to-earn platform inspired by the Korean series about a high-stakes tournament of children’s games.
Unlike the TV show, there are no “deadly consequences” and no limits to the number of people who can play, the sammers said, but to participate in each game players need to put up a stake in the form of Squid tokens or related NFTs from the maker’s marketplace.
The tokens launched on Tuesday and have since seen a dizzying price rise, from $0.012 to $6.27 by 9:00am EST on Friday, according to CoinMarketCap.
However, anyone looking to make a killing by trading the token could lose out, with CoinMarketCap warning that it has received multiple reports that people are not able to sell Squid on decentralised exchange Pancakeswap.
By Monday morning, the game was up, when the scammers pulled the rug on the caper, making off with an estimated $2.1 million.
