Here’s how hackers used Squid Game to target Crypto oriented audience

Any sudden craze on social media or on the internet, in general, has been transformed into a medium for hackers to snoop into the bank accounts of the users. Despite the warning and precautionary scheduling on the conduct of certain sites, people are easily being looped in this web.

A scam was being operated under the name of the popular series on Netflix Squid Game where they started dealing in cryptocurrency. It was basically an eponymous cryptocurrency inspired by the series but after the revelation, the Squid cryptocurrency collapsed on Monday.

But the catch is that despite people being able to identify it as a scam and later on it being collapsed, the name itself leveraged a lot of popularity and the hucksters managed to make off an estimated $3.38 million (roughly Rs 25.3 crore). It reached the peak value of $2,861 one of the applications but in no time tanked to just $0 making investors lose all the money.

One of the users shared how the scam is being carried out.

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CoinMarketCap is the application where users are able to identify the scam they went through. About the same, the application started adding banners to its page so that people can get aware of what is ahead of them.

In a statement, they said, “Please do your own due diligence and exercise extreme caution. This project, while clearly inspired by the Netflix show of the same name, is not affiliated with the official IP.”

The site was launched last week and as soon as it came on the market, there were a lot of suspicions regarding it. It was merely a front for a very common theft practice in the crypto world, which is also called a ‘rug pull’.

Rug Pull is the term used for people cashing out coins for cryptocurrency. The creators did the same and left no liquidity making huge numbers for themselves. Despite the website easily fooling many users, experts felt that there were a lot of red flags for people to identify.

The most obvious way by which people could identify the fakeness of the website was the number of spelling mistakes on the page. Not only words were misspelled, but many of them were also out of place as well. The three-week-old website has now been dissolved but due to the hype around the show as well as the negligence of people, the creators have managed to swoop in millions of bucks.