Benzinga | Oct 30, 2021 11:20AM EDT

Planning To Buy The 'Squid Game' Cryptocurrency? Think Again, New Indications That It's A Total Scam

Squid Game (CRYPTO: SQUID) is a token named after Netflix Inc's (NASDAQ:NFLX) hit Korean language show. But aesthetically, there is no similarity between the two, as reports suggest this is a total cryptocurrency scam.

The crypto shot up over 1200% yesterday, luring people to buy into the momentum.

Its value has gone up from about $0.01 a week ago to over $15 at the time of publication on Saturday. In the last 24 hours alone, it's gone up over 89 percent.

The coin named after Squid Game was featured amongst the "Biggest Gainers" on CoinMarketCap.

However, the website displayed a caution on the overview page of SQUID, which read, "We have received multiple reports that the users are not able to sell this token in Pancakeswap. So please exercise caution while trading!"

This means investors are able to purchase the crypto, but are not able to withdraw their profits.

SQUID is being traded via a platform called PancakeSwap, a decentralized exchange for swapping BEP20 tokens on Binance Smart Chain. PancakeSwap uses an automated market maker (AMM) model where users trade against a liquidity pool.

However, you can't buy the crypto on mainstream platforms such as Coinbase and Binance.

The website, available at the domain SquidGame.cash, was registered less than a month ago, on October 12. The site includes a fake endorsement from Tesla (NASDAQ:TSLA) CEO Elon Musk, who was tweeting about the Netflix show, not the cryptocurrency token.

There are other factors that point to the token being a scam. For example, neither the Telegram channel nor the Twitter account for the crypto allow comments from outsiders, and replies to posts are restricted.

Squid Game has become the biggest hit for Netflix and is expected to generate $900 million for the subscription video-on-demand company.

But the 'Squid Game' Cryptocurrency is a total scam.

Related Link: 'Squid Game' Season 2 Talks Confirmed By Director, But Here's Why He's Not In A Rush

Photo: Screenshot of Squidgame.cash