Crypto market flooded with Squid Game token scams
The popular Korean TV series on Netflix, Squid Game, is a global sensation because it follows adults competing for a sizable cash prize while playing games. It has, however, created its own cryptocurrency brand in recent years, and since season 2 of the Squid Game series premiered on Netflix, tokens based on the show have flooded the market. Members of the community have raised concerns and cautioned that these tokens might be frauds or rug pulls.
Crypto experts warn users about fraudulent Squid Game crypto token
Netflix debuted the second season of the popular Korean thriller series Squid Game on December 26. The TV series focuses on players in desperate financial conditions risking their lives to win a substantial prize in a private competition.
New cryptocurrency tokens bearing the same name flooded the markets as soon as the series was released on streaming services. Even though Squid Game competitors might have a chance to win a significant sum of money during the competition, investors in Squid Game cryptocurrency tokens might not have the same chances.
PeckShield alerts crypto users about Squid Game token scams
PeckShield, a blockchain security firm, warned community members about Squid Game tokens that they believed to be fraudulent on December 27. Fraudulent tokens based on the Netflix series are "circulating in the wild," stated PeckShield.
#PeckShieldAlert Beware of scam #SquidGame tokens circulating in the wild.
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— PeckShieldAlert (@PeckShieldAlert) December 27, 2024
This is the last time I'll be tweeting about this, but the developers of @GoGoSquidGame @squidgame_bsc
just ran off with millions. They restrict everyone from withdrawing their money to pump the value of their coin and now they withdraw everything (1/2) pic.twitter.com/MraJn6Voth— Patrick (@__tricck) November 1, 2021
The firm also pointed out that the largest holder of one token that was deployed on the Base network was its deployer. The token has already lost 99 percent of its value since launch. The Solana network has also seen the emergence of tokens based on the Netflix series.
A Squid Game-based token had been promoted by an X account that shared the same name as the series. Nevertheless, a member of the community warned other users against purchasing the token. The top holders of the token all "look the same," according to the user, which suggests that the Squid Game tokens are given to a select group of individuals who might dump them after more users join and make a purchase.
Scam crypto token launched during Squid Game Season 1
Squid Game has previously been connected to suspicious cryptocurrency projects. Tokens bearing the same name were introduced to the cryptocurrency market in 2021 with the release of Squid Game season 1 in 2021. The price of one token surged, exhibiting gains of more than 45,000%. However, when reports surfaced that users were unable to sell their coins, community members began to suspect that the token was a scam.
CoinMarketCap warned users at the time that they were unable to sell their tokens on PancakeSwap, a decentralized exchange. As a result, some people referred to the token as a "rug pull."
Additionally, some reports suggest obvious issues with the Squid Game token's white paper, such as spelling and grammatical errors and statements that are impossible to verify. The website for the Squid Game token has a suspicious trust score of 45 out of 100, according to scam-checking website Scamadviser.
CoinGecko has stated that since this token, SQUID, did not satisfy the firm listing requirements, it will not list it. Bobby Ong, a co-founder of CoinGecko, said, "It's probably a scam." Additionally, he emphasized that CoinGecko is not the partner of the Squid Game token, despite what its website states.
About Squid Game token SQUID
The Netflix series of the same name, in which players risk their lives to play deadly games in the hopes of winning a sizable payout, served as the inspiration for the Squid Game token. According to reports, the token enables users to take part in six online games in an attempt to win prizes.
Squid Game token price decreases
As of the time of writing, the Squid Game token (SQUID) is trading at $0.0003866 and down by 4.26% in the last 24 hours, according to CoinMarketCap. The project's market capitalization has not been confirmed by CoinMarketCap. Nonetheless, the project states that its self-reported market capitalization is $361,668 and its self-reported circulating supply is 936,174,115 SQUID.
CoinMarketCap warns that “Squid Game has switched from its previous contract address to a new one on the token price page. To view the official announcement, please click here. This asset seems to be freely tradable on a number of exchanges at this time. Despite the initial accusations of rugging, the project is now supposedly managed by the community. Do your own research, please. Despite being obviously influenced by the Netflix series of the same name, this project is not connected to the official intellectual property.”
Squid Game's season 2 pokes fun at crypto scammers
Crypto rug pulls were one of the many references to current real-life trends that were made in the second season of the popular South Korean drama Squid Game. Lee Myeong-gi, player 333 in episode 3 of the series, was worried that they had taken his phone since he wanted to monitor the cryptocurrency market. The man was identified as an influencer who reportedly helped to rug-pull several of the other players.
They were so agitated that they immediately beat him up for it. According to what they discussed, the token's creators defrauded thousands of people and were now enjoying overseas with the billions of won they had stolen.
Disclaimer
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