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Crypto Daily News

3 min read | November 01, 2021 01:59 PM AEDT | By Daniel Paul Johns
Crypto Daily News
Image source: Representative image Source: © Dusanzidar | Megapixl.com

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Highlights

  • The South Korean police have arrested three people it claims orchestrated a major crypto fraud ring that told investors they could take advantage of the so-called “kimchi premium.”
  • SQUID- inspired by the South Korean survival drama Squid Game – has jumped to US$39.14 after after being valued at US$2.25 on Friday
  • A new memecoin named after Tesla founder Elon Musk has hit the market. Dubbed Dogelon Mars the crypto to rose to US$0.00000221

Bitcoin News

The South Korean police have arrested three people it claims orchestrated a major crypto fraud ring that told investors they could take advantage of the so-called “kimchi premium.”

The kimchi premium phenomenon involves sudden increases in South Korean trading volumes and spikes in demand for crypto assets that rise in excess of the global average on international trading platforms. This means that buying coins for fiat becomes more expensive on South Korean platforms such as than on international exchanges.

The South Korean customs service has sought to crack down on kimchi premium traders, many of whom have sought to buy coins in over-the-counter trades in China only to “dump” them on domestic platforms – trading them for cash at much higher prices.

Bitcoin is currently valued US$61,518.

Is Squid Game Legit?

Meanwhile, Crypto users have been issued a warning as a new Squid Game cryptocurrency rockets in value in its first days of trading.

The new cryptocurrency – inspired by the South Korean survival drama Squid Game – has jumped to US$39.14 after after being valued at US$2.25 on Friday.

However, it has been criticised for not allowing users to sell tokens with CoinMarketCap issuing a warning saying that they have received multiple reports that users have not been able to sell the token on crypto exchange, PancakeSwap.

However, the whitepaper for the coin does says it does include an anti-dumping technology that prevents people from selling their coins if certain conditions are not met.

CoinMarketCap’s rival platform, CoinGecko, said Squid Game  is “most likely a scam”.

Altcoin News

A new memecoin named after Tesla founder Elon Musk has hit the market. Dubbed Dogelon Mars the crypto to rose to US$0.00000221.

The coin rose 3,780 percent in October and pushes the new altcoin to 92nd largest cryptocurrency by market cap.

Moving onto today’s biggest winners and losers.

63rd ranked crypto Holo has risen nearly 29 percent in the past 24 hours. The coin is now valued at US$0.014 with a total market cap of 2.4 billion US dollars.

80th ranked crypto Quantum rose over 14 percent overnight to to be valued at US$15.10. Quantum has a market cap of over US1.5 billion.

And today’s losers

Decentraland dropped around 27 percent overnight to be valued at US$2.80 and Basic Attention Token dropped around 27 percent overnight to be valued at US$1.00

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