'Squid Game'-Inspired Cryptocurrency Crashes: NYT

Millions of dollars vanished within minutes after investors piled into a new cryptocurrency inspired by Squid Game, the popular Netflix survival series, The New York Times reported.

The cryptocurrency, called Squid, began trading early last week at a price of just one US cent per token. By early Monday, it was trading at $38 a token on a cryptocurrency exchange called Pancakeswap.

Then Squid went on a roller-coaster ride. In a 10-minute span later on Monday, the token’s value grew from $628.33 to $2,856.65, according to CoinMarketCap, a crypto data tracking website. Five minutes later, it traded at $0.0007.

Read the full report: The New York Times

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.