Coverage dated October 31, 2021 to November 1, 2021

"Squid Game" crypto coin promoters vanish with investor millions in "rug pull" scam

Headline from CBS News, on the newest of 2 developments

Creators of show-inspired Squid currency allegedly collected more than $3 million from investors -- then disappeared.

CBS News's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.

Developments in this update

2 dated developments, oldest first, newest marked. Each is named by one outlet's own headline; open its reports to see every outlet that covered it.

Nov 1, 2021
Timeline of Squid Game crypto collapsing as developers vanish with $2.1M
Headline from Newsweek ·
Nov 2, 2021Newest
"Squid Game" crypto coin promoters vanish with investor millions in "rug pull" scam
Headline from CBS News ·

Read the reports

Reports & sources

10 articles, oldest first.

CNN
Squid Game crypto plunges to $0 after scammers steal millions of dollars from investors (opens CNN)
Published Oct 31, 2021
CNN's feed description
A digital currency based off the popular Netflix series "Squid Game" is trading at $0 after its creators cashed out, effectively stealing an estimated $2.1 million from investors.
The Guardian
Squid Game cryptocurrency collapses in apparent scam (opens The Guardian)
Published Oct 31, 2021
The Guardian's feed description
Squid token’s website and social accounts disappear after price jumped more than 310,000% in value and then crashed
Newsweek
Timeline of Squid Game crypto collapsing as developers vanish with $2.1M (opens Newsweek)
Published Oct 31, 2021
Newsweek's feed description
The token, inspired by but not affiliated with the popular Netflix show, had been flagged as risky before its crash.
Washington Examiner
Squid Game cryptocurrency just made a lot of people rich, spikes 40,000% in first week (opens Washington Examiner)
Published Oct 31, 2021
Washington Examiner's feed description
A cryptocurrency based on the hit Netflix show Squid Game spiked 40,000% in its first few days of trading.
Forbes
Viral Squid Game Cryptocurrency Crashes 100% In Minutes After Founders Reportedly Run Away With $2.5 Million (opens Forbes)
Published Oct 31, 2021
Forbes's feed description
Amid a days-long retail trading frenzy, the Squid Game-inspired token skyrocketed as much as 310,000%.
FOX Business
'Squid Game' cryptocurrency developers steal millions in purported 'rug pull' scam (opens FOX Business)
Published Nov 1, 2021
FOX Business's feed description
The SQUID token skyrocketed to a high of $2,861.80 before plunging to zero around 5:40 a.m. Monday. The meme coin's market capitalization hit an estimated $2.2 million, according to CoinMarketCap.
CBS News
"Squid Game" crypto coin promoters vanish with investor millions in "rug pull" scam (opens CBS News)
Published Nov 1, 2021
CBS News's feed description
Creators of show-inspired Squid currency allegedly collected more than $3 million from investors -- then disappeared.
Fast Company
What is a ‘rug pull’? ‘Squid Game’ coin scam highlights danger for crypto investors (opens Fast Company)
Published Nov 1, 2021
Fast Company's feed description
The SQUID meme coin crashed from a high of $2,856 to less than a cent.
Engadget
'Squid Game' cryptocurrency collapses in a $3 million scam (opens Engadget)
Published Nov 1, 2021
Engadget's feed description
A cryptocurrency inspired by Squid Game enticed enough investors to see its value soar to over $2,800, before its creators cashed out and vanished..
NBC News
Investors call scam after collapse of new cryptocurrency Squid (opens NBC News)
Published Nov 1, 2021
NBC News's feed description
A "Squid Game" cryptocurrency collapsed in price, leaving investors to call it a scam.