Key Takeaways:
- Scam Alerts: Blockchain experts, including PeckShield, warn of fraudulent Squid Game-themed tokens, with one token on Base losing 99% of its value.
- Suspicious Activity: Token patterns suggest price manipulation, with identical top holders and coordinated dumping across various platforms, including Solana.
- Repeat Concerns: Similar scams followed the show’s first season in 2021, where investors faced rug pulls and token functionality issues.
The release of Squid Game Season 2 on December 26 has coincided with a surge of crypto tokens bearing the show’s name, sparking warnings from blockchain experts about scams and potential rug pulls.
The Korean thriller, known for its story of desperate contestants competing in life-threatening games, now serves as a cautionary backdrop for crypto investors who risk similar losses without the hope of reward.
#PeckShieldAlert Beware of scam #SquidGame tokens circulating in the wild.
— PeckShieldAlert (@PeckShieldAlert) December 27, 2024
We have detected a fraudulent #SquidGame token deployed on #Base just 3 hours ago, with the deployer as the largest holder. The token has dropped 99%. pic.twitter.com/EIdaUldzaF
On December 27, blockchain security firm PeckShield flagged Squid Game-themed tokens as fraudulent.
One token on Base showed classic scam indicators, with its deployer holding the largest stake, and its value collapsed by 99% post-launch.
Similar schemes on Solana revealed suspicious behavior, such as identical top token holders hinting at price manipulation and coordinated dumps.
Alarmingly, a social media account linked to the series appeared to promote one of these tokens, further confusing potential investors.
This is not the first time Squid Game tokens have sparked controversy.
In 2021, a token soared over 45,000% in value before users reported being unable to sell their holdings, leading to accusations of a rug pull.
Experts urge caution and due diligence to avoid falling victim to scams tied to the show’s popularity.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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