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A suspected scam involving a meme coin based on the hit Netflix show Squid Game has left the global cryptocurrency ecosystem shocked. In India, it has, once again, highlighted the need for regulation.

The Squid Game token experienced a meteoric rise soon after its launch a few weeks ago and a swift market crash last week saw investors lose millions of dollars.

Despite the industry’s efforts to educate crypto enthusiasts, many Indian investors burnt their fingers in the frenzy.

“I bought the SquidGame Token and it was the worst decision of my life…lost a ton of money,” an Indian investor who goes by the username Gamer Genie on Twitter told Quartz. He has lost around $11,500 (Rs 8.5 lakh).

The fiasco is not the first. It is unlikely to be the last either.

For instance, in September 2020, the creator of SushiSwap disappeared following a $13 million (Rs 96.6 crore) “rug pull” – when a token’s creators abruptly abandon it, exchanging many virtual coins for real-world cash.

This is why “do your own research” before investing is key.

“It is very important for investors to research new token projects before investing,” Kapil Rathi, CEO and founder of global cryptocurrency trading platform CrossTower said. “In one sense, we have innovation that we do not want to stifle, but, on the other hand,…

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