Squid Game Token Scammers Found In Hong Kong

For those of you who think two years ago is an eternity, allow us to refresh your memory. The Squid Game series was extremely popular and as Covid-19 had just started another wave in Europe and the US, pretty much everyone watched the program.

The series topped the streaming services in all major countries in Asia, Europe and North America, making the cast global stars. The female lead, Jung Ho-Yeon, who plays a North Korean defector and thief (known in the series as Number 67), quickly became a fan favorite and now has millions of followers on social media. She even got a Louis Vuitton ambassadorship.

Rug pull

Some scammers started a so-called Squid Game crypto Token (which Cryptotips warned on 31 October 2021 was an apparent scam). The coin proved to be very popular and went higher at lightning speed, some 80,000% in a few days.

It became such a success that the coin was featured in stories on BBC, CNBC and Yahoo.

The next morning, on November 1, there was a so-called rug pull and the value of the cryptocoin collapsed. The whole event was even caught on livestream.

$SQUID scam rugged on live stream 🤣🤣 pic.twitter.com/ApLQmvaxjZ

— flavors.eth 💎 (@Upsguy_) November 1, 2021

A few journalists have since gone on to search for the founders of this global fraud and have now found the criminals in Hong Kong.

The journalists in question are Janhoi McGregor and tech expert Ciaran O’Connor. They traveled to Hong Kong to confront the criminals but found an empty address. They are however getting closer and closer to the perpetrators of the scam.

From 1c to $2,860 in a week.

Then from $2,860 to 7 hundredths of a penny in a few seconds. $Squid must be one of the most spectacular scams in history.

In the murky, borderless digital world, who polices this? Where the perpetrators & the prosecutions?

Just incredible. pic.twitter.com/8VEzgeh4Nc

— Dominic Frisby (@DominicFrisby) November 1, 2021

You can listen to their stories in the very interesting podcast series: Squid Scam: Chasing the NFT Con Artists.”

We highly recommend it.

faizzaki / Depositphotos.com