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A cryptocurrency that is inspired by the Netflix show “Squid Game” has been hitting the news lately. SQUID cryptocurrency surged by more than 2,400% in 24hours and new traders started investing heavily in the digital token. For instance, Bernard is one investor who made a bet on the digital currency but things didn’t turn out so great for him.

“Squid Game” – a South Korean Netflix series is a deadly tournament for adults who compete. The winners of the tournament in the series compete for a prize and the price they pay is their lives. Meanwhile, SQUID is a currency inspired by the show that surged in price in few days after its appearance.

Bernard Falls For the SQUID scam

Bernard heard about SQUID and started reading news and articles about the digital token. At first, things seemed legit for him and he decided to invest his entire life savings of $28,000 in the digital token. On Monday, SQUID surged to as high as $2,860, however, it wasn’t long before it plummeted to nearly zero in few hours, according to CoinMarketCap.

“My rush to buy this token is for a single idea that went into my brain that ‘Squid Game’ is very, very popular now, and its token must be popular now,” said Bernard, who lives in Shanghai “It’s a tragedy. I don’t know how to recover my loss.”

In the interview with CNBC, Bernard said that he is responsible for his family and he is now concerned about his upcoming bills.

According to BscScan transaction records, the currency’s anonymous creators amassed about $3.4 million in investor funds. At what might look like a “rug pull” scheme; investors are alleged with swapping the project coins for fiat currency and running away with the funds.

“Squid Game Dev does not want to continue running the project as we are depressed from the scammers and is overwhelmed with stress,” Squid developers posted Monday in their Telegram channel, which now has more than 89,000 members.

SQUID white paper and website both disappeared following the coin’s price plummet. However, archived copies of the official landing page and white paper are still online. Twitter has temporarily restricted its account due to “suspicious activity.”

“In this trading space, everyone will rush,” said Bernard, “and sometimes you feel FOMO.”

The FOMO (fear-of-missing-out) effect is a major influencer of traders’ decisions. Many new investors feel the urge to bet on cryptocurrencies just because they are making a buzz. This was the case for Bernard among other traders who made heavy investments in SQUID and other shady cryptocurrencies.