2021 Squid Game cryptocurrency scam

Marketed as a "play-to-earn cryptocurrency," it garnered immense attention and witnessed a meteoric rise in its price, surging by thousands of percentage points.

[3] The mechanics of the scam involved enticing investors with the promise of earning rewards by purchasing Squid Coin tokens.

This inability to resell raised significant doubts about the legitimacy of the project and started to sound alarm bells among cryptocurrency experts and enthusiasts.

[3][4] As the scam unraveled, investors were left with substantial losses, while the developers of Squid Coin disappeared from the public eye, taking an estimated $3.38 million with them.

[3][12] The project's website, which had previously been active, disappeared along with its social media accounts, further erasing any trace of its existence.