- The currency began at just $.01 per token and inflated 83,000% to reach a peak of $2,856.65 before ultimately crashing.
- The tokens were touted as the currency for a forthcoming “play-to-earn” online game reminiscent of the Netflix series which was promised to go live later in November.
- Some investors reported being taken in by the coin’s name, believing there was a relationship between the currency and the Netflix project.
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- A red flag was raised early on by skeptics who noticed it was nearly impossible to sell the coin and cash out after purchasing.
- SQUID is now being labeled as a “rug pull,” referring to a scam in which the creators of a cryptocurrency cash out for real money and stop others from trading, effectively draining the currency of value.
- One Shanghai investor told CNBC he lost his entire life savings of $28,000 to the scam.