Digital token inspired by popular South Korean Netflix series Squid Game has lost almost all of its value. It was billed as a “play-to-earn” cryptocurrency that could be used for a new online game inspired by the series.
Experts had warned of several tell-tale signs that it was likely to be a scam. The developers have made off with an estimated $3.38m (£2.48m).
Everyday new coins are listed on decentralized exchanges, sometimes even the day they are created. So anyone can buy coins that have been created to capitalize on scam scheme.