Squid Game Cryptocurrency Collapses in Apparent ‘Rug Pull’ Scam

A waiter dressed in an outfit from the Netflix series "Squid Game" holds a card while playing a game to attract customers at a cafe in Jakarta on Oct. 19, 2021. Adek Berry/AFP via Getty Images

The popular cryptocurrency known as “SquidGame Cash” or “SQUID” has collapsed amid an apparent “rug pull” scam.

The digital token, which appeared in the wake of the success of Netflix’s South Korean survival drama series “Squid Game,” marketed itself as a ”play-to-earn cryptocurrency“ on the Binance Smart Chain (BSC).