You can be on Entrepreneur’s cover!

'Squid Game' Cryptocurrency Collapses, Scammers Vanish With Millions The memecoin launched on October 26 and had no affiliation with the popular Netflix show - the first red flag.

By Amanda Breen

entrepreneur daily

Those who attempted to profit off the latest cryptocurrency fad — $SQUID, a memecoin inspired by the No. 1 Netflix show — saw their investments plunge to $0 after the coin's creators disappeared with $3.38 million.

The buzzy memecoin was never actually affiliated with the Netflix show — the first red flag. But there were other signs something was amiss. The creators locked investors' liquidity for a certain period of time, meaning that once people bought, they couldn't sell. The coin's whitepaper claimed that the limitation was part of an "anti-dump" protocol that would fuel $SQUID's growth.

Related: 3 Marketing Lessons We Can Learn From Netflix's 'Squid Game'

Other causes for concern included a three-week-old website riddled with spelling and grammatical errors, a Telegram channel that didn't accept comments from the public and a Twitter account that didn't allow people to reply to posts.

Despite its suspicious cicumstances, the coin did see explosive growth — peaking at $2,861, per CoinMarketCap. Of course, that came to an end when the anonymous scammers drained the project's fund and disappeared in a move the crypto community refers to as a "rug pull."

The warning signs might not have been enough for people eager to capitalize on the trend. Buying the right crytocurrency at the right time can certainly make investors rich, as recent news surrounding the Shiba Inu (SHIB) coin has shown. SHIB soared to record highs and grew a $13,000 investment to a staggering $5 billion in the span of one year. Unfortunately, it looks like early $SQUID adopters got beat at their own game.

Related: Players Chosen for a Real-Life Version of 'Squid Game'

Amanda Breen

Entrepreneur Staff

Senior Features Writer

Amanda Breen is a senior features writer at She is a graduate of Barnard College and received an MFA in writing at Columbia University, where she was a news fellow for the School of the Arts.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Business News

OpenAI Reportedly Used More Than a Million Hours of YouTube Videos to Train Its Latest AI Model

YouTube CEO Neal Mohan said last week that if OpenAI used YouTube videos to train text-to-video generator Sora, that would be a "clear violation" of the terms of use.

Business Solutions

Launch Your Coding Career With Help From This Discounted Bundle

Featuring Microsoft Visual Studio, this package provides building blocks you can apply toward long-term success at a surprisingly low price through April 16.

Business News

Total Solar Eclipse 2024 Live Feed: Where, When and How to Watch the 2024 Eclipse

Here's what to know about the total eclipse 2024 and a live stream from NASA.

Growing a Business

6 Ways to Pioneer Creative Content with AI the Right Way

Here's how creative marketing teams can leverage AI while maintaining credibility and an authentic connection with their audience.


Use This Simple Strategy to Push Through Limitations in Your Life

On this episode of "The Jeff Fenster Show," guests Chris and Lori Harder share tactics that can help anyone overcome personal and career obstacles.


You Need a Community With Shared Values to Find Long-Term Success — Here's How to Cultivate It.

Entrepreneurs need to remember this growth strategy: nurturing a purpose-driven community of like-minded entrepreneurs around them.