Cyber Security

Squid Game cryptocurrency scammers made $2.1 Million


The operators behind the Squid Game cryptocurrency have exit scam making off with an estimated $2.1 million just after a week from its launch.

The cryptocurrency, based off the popular Netflix series “Squid Game” appropriately called SQUID, is trading at $0 after its creators cashed out the coins in exchange for real money, effectively stealing from the investors.

The scam which was first reported by Gizmodo is called a rug pull. They have initially warned of a potential scam because investors were not allowed to sell the purchased crypto. The cryptocurrency peaked at a price of $2,861 before dropping to $0 around.

The website used to advertise the cryptocurrency which is an archived version of the website is down and social media accounts used by the author of the Squid Game crypto scheme were closed.

Gizmodo stated that cryptocurrency will only survive if people have faith that it’s real money. If you are going to buy cryptocurrency, the most important thing to look out for isn’t necessarily the price. First, you should check whether you can sell the coin after you bought it. If you can’t sell—like the people who invested in SQUID discovered they can’t—it doesn’t matter how high the price goes, then you have just been scammed.

Researchers stated that threat actors are attempting to exploit the popularity of the Squid Game series in many ways. They have already discovered a tainted app masquerading as Squid Game wallpaper app onto the official Google Play. The app was infecting the devices with the Joker Android malware, it had at least 5,000 downloads before Google removed it. One of the harmless apps on the Play Store has already reached 1M installs.

Image Credits : Clout News

Priyanka R
Cyber Security Enthusiast, Security Blogger, Technical Editor, Author at Cyber Safe News

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