Throwing 650 million dong into Squid Game digital currency, investors bitterly watched their lifetime savings go up in smoke

Tram Ho

When Bernard heard about a digital currency inspired by the blockbuster “Squid Game”, he quickly Googled it to look it up. After skimming the headlines instead of reading the whole article, Bernard decided to invest his $28,000 savings in a digital currency that promoted itself as “play to earn”.

 Ném 650 triệu đồng vào tiền số Squid Game, nhà đầu tư cay đắng nhìn khoản tiết kiệm cả đời tan thành mây khói - Ảnh 1.

In articles where Bernard chose to skim the title instead of reading the content, many warned about SQUID, the digital currency skyrocketing to $2,860/coin before returning to near zero in a flash. Before the catastrophic rise and fall, many investors lamented that they could not sell the digital currency despite its price continuing to skyrocket.

“I rushed to buy with the only thought in my mind that ‘Squid Game’ is hot right now and need to buy its cryptocurrency immediately. It’s a tragedy. I don’t know how to earn it back. money lost,” the investor, who lives in Shanghai, declined to be fully named because cryptocurrency trading is illegal in China.

Probably, a lot of investors like Bernard, think that SQUID has something to do with the blockbuster Squid Game. However, they are just digital currencies created to follow the craze and have nothing to do with Netflix or the film’s producer. When prices fall to near zero, people like Bernard are pulled back into the harsh reality of their search for a life-changing opportunity.

 Ném 650 triệu đồng vào tiền số Squid Game, nhà đầu tư cay đắng nhìn khoản tiết kiệm cả đời tan thành mây khói - Ảnh 2.

The catastrophic collapse of the Qquid Game digital currency.

The collapse of this Memecoin once again reminds investors of the potential danger in the cryptocurrency market, an ecosystem rife with so-called “massacres”. Founders can abandon their projects suddenly, robbing investors of all their money and causing them to suffer huge losses.

In an official statement on their Telegram channel, the Squid developers told 89,000 members: “Squid Game Dev does not want to continue running the project because we are fed up with scammers and too stressed.” . It is equivalent to a statement that investors will never have a chance to get back what was lost.

Everything about this digital currency is also gone.

Bernard said he contacted the US Federal Bureau of Investigation (FBI) and the US Securities and Exchange Commission (SEC) about his lost investment. Bernard also contacted the team behind the digital currency as well as CoinMarketCap, the website that tracks most of the coins currently listed on the market owned by Binance. However, no one is responsible for Bernard’s loss.

A self-described cryptocurrency veteran, Bernard also blamed the media for his loss. However, this investor is not alone. On Twitter, many investors believe that posting information about these Memecoins is a way to make them more noticeable.

“In the crypto trading atmosphere, people tend to rush and sometimes FOMO – fear of missing out,” said Bernard.

Many investors have put money into SQUID but most of them are small amounts. They have a “lose it out” mentality and expect these investments to yield larger amounts of money. However, for fortune taker like Bernard, he wants the people behind the coin to be held accountable. That’s why Bernard called the police and contacted the US authorities when he could not report the local police.

“In China, cryptocurrency trading is not very legal,” Bernard told CNBC.

Share the news now

Source : Genk