Crypto Scams Return Amid Squid Game Season 2 Launch
In late December, Netflix released the second season of Squidward , which was the most-watched series in the platform’s history. Shortly after its launch, tokens referencing the dystopian thriller flooded the crypto market.
Just one day after the launch of the series, blockchain Safety The company PeckShield has issued a warning to the community that some tokens inspired by Squid Game are fraudulent.
Squid gaming token keeps rising
The Squidward series depicts a high-stakes competition in which contestants face dire financial circumstances and risk their lives in pursuit of a lucrative prize.
As the Squidward series has experienced a resurgence in popularity following the launch of its second season on December 26, tokens inspired by the series quickly appeared on numerous cryptocurrency exchanges.
However, the rapid emergence of several Squid Game-themed tokens, expressed concern about its authenticity and potential Financial risks associated with investing among them.
On December 27, blockchain security company PeckShield issued a warning regarding the integrity of different tokens, Identify them as potential fraudsters.
“Beware of scam SquidGame tokens spreading in the wild. We detected a fraudulent #SquidGame token deployed on Base 3 hours ago by the largest holder.” PeckShield said in X postal.
In this case, PeckShield flagged a specific token deployed on the Ethereum Base platform, noting that its deployer holds a significant portion of the supply. Since its launch, the coin’s price has fallen by 99%.
Similar solutions Solana Exhibiting suspicious behavior, such as the same top token holders, indicating potential price manipulation and coordinated pump and dump behavior, which Usually ends with a carpet pull.
Users specifically blamed a Squidward-themed account on X that had been actively promoting their tokens. Observers have noticed an unusual consistency among the largest wallets holding the coin, Usually indicates a potential scam.
“Yes, these are top holders. Yes, they all look the same. No, this is not a coincidence. Don’t get gross” explain A community member.
Scam Hacking attacks have been an ongoing challenge in the cryptocurrency space throughout 2024. Social media accounts have been hacked over the past few months to promote scam coinswhich triggers a pull once uninformed traders put money into it.
Overall, cryptocurrency hacks and scams have By 2024, industry costs will exceed $2.3 billionan increase of 40% compared to 2023.
Similar experiences in 2021
This is not the first time Squid Game has performed a crypto token scam. Certain tokens launched after the series launched its first season in 2021 Start as hype, end as fraud. In one notable incident, A token named “SQUID” It experienced a rapid and significant price surge, rising over 45,000%.
However, this rapid growth was soon followed by reports that investors were unable to sell their holdings. Decentralized exchange like Pancake swaptriggering warnings from platforms such as CoinMarketCap.
The event, often cited as one of the biggest pull events, highlighted the risks associated with investing in speculative cryptocurrencies, especially those with limited liquidity and transparency.
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