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Wednesday, May 18, 2022

From Squid coin to memes, the ‘Wild West’ of crypto

“Squid coin”, which last month launched without the permission of Netflix, rocketed in value before plummeting to a near zero valuation within days.

LONDON: From a dodgy digital currency inspired by Netflix hit “Squid Game” to highly-volatile dog-themed coins, the cryptocurrency sector has become riskier than ever as it soars in value.

The combined value of all cryptocurrencies topped $3 trillion for the first time on Monday, as more mainstream investors rush into the sector.

While bitcoin is leading the way — surging Tuesday to a record-high $68,513 as the world’s most popular virtual unit rides a wave of feverish speculative demand — investors snapping up newer cryptocurrencies are falling victim to scams.

“Any team can develop an app and issue a coin,” noted Martha Reyes, head of research at…

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