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

While the fate of many contestants in the fictional "Squid Game" series from South Korea was a quick death, for investors in a cryptocurrency inspired by the global sensation, things didn't pan out so well either. 

Last week, an unknown developer launched a crypto token inspired by the wildly popular Netflix show about a deadly game in which players risk their lives to dig themselves out of extreme financial debt. Called Squid, the digital currency began trading on the PancakeSwap platform on October 26 at a penny per token, according to crypto-pricing website CoinMarketCap. The price grew to $2,861 by Monday, according to CoinMarketCap data.

Not long after the Squid coin hit the market, CoinMarketCap issued a warning to investors that something was amiss. Someone had dismantled the Squid coin website and promotors of the cryptocurrency could no longer be reached, CoinMarketCap said.