In early November, a squid Game cryptocurrency scam in which fraudsters played publicly on the Netflix network saw investors lose more than Rs 25 crore ($ 3.38 million) worth of assets. A similar scam has already surfaced involving another cryptocurrency called Tsuzuki Inu (TZKI).
The incident came after users unveiled a crypto-heist called “rug pull” on Twitter, on Monday, November 22. As reported by the leading cryptocurrency news website, developers Tsuzuki Inu pulled out all the money, converting tokens be the first Ethereum. coins and then USD Coin costing more than $ 1,157,125 (Rs 8.6 crore). The USD Coin or USDC is a stable digital currency linked to the United States Dollar.
In the cryptocurrency exchange Coinmarketcap, the value of Tsuzuki Inu has dropped by about 97%.
About Tsuzuki Inu cryptocurrency
Distributed since March 2021, the digital token identified itself as a gaming currency and a meme coin. The developers reportedly offered this free money recently, which now appears to be a step towards improving the legitimacy of cryptocurrency.
Investors reportedly could not hold the developers as Twitter’s cryptocurrency handle was found to be disabled and the Telegram channel did not respond. A crypto-influencer activist named @ ShadowedEmbrac3, who had promoted digital assets reportedly received death threats. However, he also claims to have been a victim and was not part of the Tsuzuki Inu management team.
RUG PULL ALERT: HD photo of the transaction ID’s confirming the recent rug pull by #TsuzukiInu
— Watcher.Guru (@WatcherGuru) November 21, 2021
The squid Game cryptocurrency scam saw the same rag ”as investors lost Rs 25 crore.
The latest scam comes days after Indian Prime Minister Narendra Modi highlighted the dangers of cryptocurrency falling into the wrong hands. In his speech at the Sydney Dialogue, Prime Minister Modi downplayed the importance of democracy in working together to ensure that cryptocurrency money does not end up in the wrong hands and harms the youth. The Prime Minister also hosted a high-level meeting recently to discuss issues related to bitcoin and expressed its concern about the unregulated crypto market in India.