Scammers Get Away with Millions of Dollars with Squid Game Crypto

While regulations have been incredibly helpful in reducing crypto-related scams and frauds, there has been a massive scam recently that shook the crypto world. Recently, a group of fraudsters released a cryptocurrency based on the popular Netflix T.V show named Squid Game. For those who don’t know Squid Game happens to be an incredibly popular K Drama that was watched by millions of viewers all over the world.

Therefore, when a crypto coin based on this TV show was released, people were quite hyped and did not waste any time investing in it. Because of the hype, there were many people who did not even bother to learn what this currency had to offer. In most cases, people were under the impression that it would yield high profits just like bitcoin did during its initial years.  Unfortunately, however, this simply was not the case as all of it turned out to be one big scam.

Believe it or not, the people who were behind this fraud project got away with more than 2 million Dollars, robbing a lot of people off their hard-earned money. One of the most interesting things about this issue is that nobody saw this coming. This is because the marketing for this crypto coin was quite seamless and nothing seemed to suggest that the Squid Game crypto coin would be a scam. That being said, there were plenty of experts in the crypto trading scene who thought that this coin would be a scam.

Some of these people also gave warnings to the people planning to invest in them. However, these warnings fell on deaf ears and millions of dollars worth of investments were made. Recently, however, it was found out that all of this happened to be a scam and the investors were not able to retrieve their investments. While there have been plenty of instances like this over the years, this particular incident stands out for plenty of reasons. One of the main issues behind the Squid Game crypto coin scam is that it happened during a time when governments have been quite strict on regulations.

A large number of people in the crypto trading scene were under the impression that regulations would significantly reduce scams and hacks. While there has been a massive reduction in issues like these, this recent scam suggests that there is a lot more to be done. Fortunately, however, there has been a great paradigm shift in the crypto trading scene and it seems like things are moving towards the better. Sure, there will be a few hiccups along the way, but that is to be expected with such a massive change.