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In 2021, Netflix’s Squid Game became a global sensation, raking in nearly $900 million (Bloomberg reported) in value for the streamer. As the South Korean series went viral, scammers saw a chance. A cryptocurrency called Squid Coin was launched, named after the show but not connected to it. It marketed itself as a “play-to-earn” token, offering users rewards for participating in themed games. The coin’s price soared only to collapse overnight.
When Squid Game’s Hype Sparked a Crypto Scam
Soon after Squid Game became Netflix’s most-watched show, a digital token called Squid Coin appeared online. Despite having no official ties to the series, it quickly gained attention. Developers promoted it as part of a gaming platform where users could earn while playing.
Squid Game is a bingeworthy new series about a mysterious series of very deadly games that people who are down on their luck play as a last resort to get back to debt-free.
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It’s dark, it’s funny, and it just looks so damn cool. pic.twitter.com/9DvC6xavJR
— Netflix (@netflix) September 23, 2021
The token launched in late October 2021. By November 1, its value surged more than 83,000%, climbing from just a few cents to $2,861 per coin (per Gizmodo). The coin gained traction across social media, and coverage from platforms like BBC and CNBC gave it even more visibility.
