Many people around the world are well acquainted with the squid game show, which aired on Netflix and became quite the sensation on a global scale. Given the success of the show, there was the squid game token which started trading not so long ago but with a twist. This token was developed by completely random people and developers who had no connection with the official show whatsoever; not only this, but there wasn’t even any affiliation with Netflix for that matter. Long story short, the token continued to increase in value, and the price skyrocketed in a matter of hours.

Given the sudden increase, many investors and traders started to pour money and pump this thing onto the new horizons. When the token was able to confiscate enough investment and people were just so happy given the sudden increase in the value of a token which they had invested in, some ecstatic investors wanted to chip out and therefore cash their tokens. The whole thing was unveiled before themselves as a Ponzi scheme when they heard that the official website of the squid game token had gone offline, and they can’t withdraw their investment just yet.

Squid Game Token was a Scam

At first, it was said that there is some technical difficulty which isn’t allowing people to withdraw their investment; later on, it became apparent that it was an elaborate scam that came raining down on them, and there is nothing they could do about it. One of the investors was a Shanghai-based crypto enthusiast by the name of Bernard; he has requested not to unveil his second name because of the dire conditions which surround crypto trading in China.

He did an initial search on the token using Google, and before coming to the more elaborative data, which suggested that the project might not be legitimate, he deposited his entire life savings of about $28K into the token. When asked why did he invest everything that he had, Bernard said that because of the name Squid game, as the show was quite popular so he thought that the cryptocurrency might become an iconic addition in the crypto space and because he didn’t want to miss this once in a lifetime opportunity.