The liquidity pool in the exchange disappeared in an instant, and within 10 minutes the coin was almost worthless, trading at one-third of a cent. Just after 1:38 pm UTC on November 1, $3.36 million that had been invested into Squid Game coin was yanked out of the project by its creators. His $300 had ballooned into more than $1,660. When Hartford woke up the next morning, the Squid Game coin had hit $5. “I watched it keep going up that night, getting pretty excited that I’d doubled or tripled my money in a few hours,” he recalls. First it crossed $1, earning him a 10 percent return on his investment. He bought $300 worth of Squid Game coin when each was worth around 90 cents, sat back, and watched. “I wanted to get in as soon as possible,” he says.
There were some comments from people warning the Squid Game coin could be a scam: Coming from nowhere, it seemed too good to be true, and it was likely to infringe on trademarks and so could end up coming to nothing. Hartford wasn’t a rookie, so he looked at BscScan, which registers all transactions on the Binance platform, before investing. And he saw the Squid Game coin capturing the zeitgeist in a similar way. He had seen the meteoric rise of Shiba Inu, an apparent joke meme coin that had enjoyed a 900 percent rise in under a month, muscling its way into the top 10 cryptocurrencies in the world in the process. Hartford was an experienced crypto trader, having been involved in the world since 2017. “The more people join, the larger reward pool will be,” it promised. The project’s whitepaper, published on its now-defunct website, promised big things for investors-but sounded awfully like a Ponzi scheme.
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“The coin harnessed the zeitgeist for the Netflix series Squid Game by apparently offering obsessed gamers access to a play-to-earn game,” says Katherine Wooler, managing director at UK crypto wealth platform Dacxi.
“Better buy before $1.00,” wrote coin was called Squid Game, based on-but not affiliated with-the runaway Netflix series of the same name. At the time, the price of each coin was 72 cents.
Its price had increased 1,000 percent and was looking like it had headroom for 200 percent more. It was there that Hartford, a structural engineer from Sydney, Australia, read a tip from a user by the name of that alerted him to the latest cryptocurrency on the rise. Martin was discussing the price of the Shiba Inu alt coin, which he believed could fall to zero. The tweet was nestled under a post by Carl Martin, a Swedish cryptocurrency analyst and YouTuber, on October 27. Luke Hartford was first tipped off to the new, rising cryptocurrency thanks to a reply guy.
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