Squid game token scam

Take the biggest streaming television hit of the year, turn it into a cryptocurrency, and what do you get?

One of the most widely publicized scams of the year.

Media outlets, embarrassingly, fell head over heels for Squid Game token, a completely unauthorized alternative cryptocurrency based on the hit Netflix series Squid Game.

In just a matter of weeks, Squid Game token went from worth a few bucks to nearly $3,000. CNBC, Forbes, Business Insider, and a slew of other outlets all covered Squid Game token, seemingly enamored by how quickly it was rising in value.

However, there were problems from the get-go. Aside from its creators having absolutely no authority to use the Squid Game name to base their cryptocurrency on, people who invested into the Squid Game token complained right away that they weren't able to sell what they bought.

This was by design, of course. The creators of Squid Game token created an anti-sell-off mechanism right into their cryptocurrency. Of course, not everyone was blocked from selling, however. And Squid Game token ended up the same way most of these altcoins do: A pump and dump scheme that enriches its creators and their buddies, leaving well-meaning retail investors with the losses.

But, the amount of press coverage Squid Game token was able to generate before the scam was unveiled, which likely helped bring more dupes into the scam, was truly one-of-a-kind.