Squid Game cryptocurrency rockets 43,000% in two days amid fears investors CAN’T sell their fortunes

A NEWLY created cryptocurrency named after the hit Netflix show Squid Game has rocketed in value.

But anyone investing in the untested coins can’t cash out and the token is likely to be a scam.

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Squid was minted just days ago as a cryptocurrency that can be used to play an online game based on the Korean streaming series.

The Squid token is a type of cryptocurrency called play to earn.

There are hundreds of these type of token according to coinmarketcap and they can be earned by playing particular online games, or purchased to take part.

The price of Squid is now $5.54 a the time of writing up from $0.01 on Tuesday – a rise of tens of thousands of per cent.

But those who have bought the coin are unable to cash out, according to reports.

It means investors can’t convert the cryptocurrency into real cash.

Coinmarketcap has warned that it has received “multiple reports” that holders of the Squid token can’t sell them on Pancakeswap, a decentralised finance exchange.

Investors should “exercise caution when trading” the crypto website said.

Not being able to convert a cryptocurrency into a traditional currency is just one of the major risks of crypto.

Investors risk losing all of their cash investing in crypto and newer coins are even riskier than more established ones like bitcoin and ethereum.

The value can go down as well as up in the blink of an eye and you can lose all your cash.

You should never invest in a financial product you don’t understand or money that you can’t afford to lose.

The Squid Game Project is an online tournament, just like in the viral show, but without the deadly consequences.

According to a white paper issued by its makers the game will launch in November and coins have already become available for pre-sale.

To play each game players must pay a fee in Squid tokens, which will then go towards a prize pot for the winner.

The game’s developer’s will also take a cut of the money.

But the coin is likely to be a scam and tech website Gizmodo noted that the white paper is littered with spelling and grammar mistakes, among other red flags.

It’s not known who is behind the game and token.

The tech site also highlighted that a previous online game and token connected to the hit Disney Star Wars series The Mandalorian later turned out to be a scam.

There have been warnings over a Squid Game app that installs malware on your phone.

This post first appeared on thesun.co.uk