In the Netflix hit series \u201cSquid Game,\u201d characters gamble with their lives. Though in real life lives aren’t on the line, for many people who piled their money into Squid, a cryptocurrency named after the show, the financial loss has still been significant. On early Monday morning, the value of a Squid coin collapsed from a high of just over $2,860 to effectively zero as cryptocurrency traders watched the token\u2019s unknown creators clean out some $3.3 million in funds, according to digital records. The maneuver, known as a \u201crug pull\u201d in cryptocurrency circles, occurs when a token\u2019s creators abandon the project by exchanging many virtual coins for real-world cash. They quickly drain liquidity from the product, effectively driving the coin\u2019s value to zero and leaving other investors holding the bag in an apparent scam. Launched late last month, the new cryptocurrency skyrocketed in value as investors rushed to buy tokens hyped by promotions on multiple social media platforms. <\/p>\n\n\n\n
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<\/a><\/figure><\/div>\n\n\n\nStruggling financially? We can help. Call us at 816-524-4949 or visit our website <\/a>to schedule a consultation. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" In the Netflix hit series \u201cSquid Game,\u201d characters gamble with their lives. Though in real life lives aren’t on the line, for many people who piled their money into Squid, a cryptocurrency named after the show, the financial loss has … Continue reading