BUSINESS LIVE: Crypto Squid scammers pocket $2m; BP profits rise

BUSINESS LIVE: Crypto Squid scammers pocket $2m; BP profits buoyed by oil prices; Homebuying process speeds up

The creators of a cryptocurrency inspired by Netflix series Squid Game have reportedly pulled the plug on the project and made off with more than $2million.

The SQUID cryptocurrency was marketed as a play-to-earn token, giving players the opportunity to win prize money through six online games based on the viral television series.

BP saw a sharp rise in third quarter profit, lifted by stronger oil and natural gas prices that have soared this year as economies recover from the pandemic.

The oil giant’s underlying replacement cost profit – BP’s definition of net earnings – reached $3.32billion in the third quarter, exceeding analysts’ expectations for $3.06billion.

The amount of time it takes for a property transaction to complete is down 27 days on average, new figures show.

Home movers had been dealing with an average five-month during the summer, according to Rightmove, but it now takes a little over four months – or 127 days – to get through the conveyancing process.

> If you are using our app or a third-party site click here to read Business Live 

BP’s $3.32bn third quarter profit compares to $2.8bn in the second quarter and $86m a year earlier, when energy demand and prices collapsed due to the coronavirus epidemic.