Squid Game Tokens Raise Scam Concerns Amid Series Release

According to Cointelegraph, the release of the second season of Netflix's popular series Squid Game has coincided with a surge in crypto tokens bearing the show's name. However, community members have raised alarms, warning that these tokens could be scams or rug pulls. On December 26, Netflix launched the latest installment of the Korean dystopian thriller, which centers on a deadly competition where financially desperate participants vie for a substantial cash prize. As the series became available for streaming, numerous crypto tokens named after Squid Game emerged in the market. Despite the show's premise of winning large sums, those investing in these tokens may not experience similar fortunes. Blockchain security firm PeckShield issued a warning on December 27, identifying several Squid Game tokens as fraudulent. PeckShield noted that these scam tokens are actively circulating. The firm highlighted a particular token on the Base network, where the deployer is the largest holder, and its value has plummeted by 99% since its launch. Similar tokens have also appeared on the Solana network. An account on the X platform, sharing the Squid Game name, has been promoting a token linked to the series. However, a community member cautioned against purchasing it, observing that the top holders of the token appear to be the same entities. This suggests that the tokens are concentrated among a few individuals who might sell off their holdings once others invest. The phenomenon is not new. When Squid Game first premiered in 2021, tokens with the same name entered the crypto market, with one experiencing a dramatic price increase of over 45,000%. Nevertheless, suspicions arose when users reported difficulties in selling their coins. CoinMarketCap at the time issued a warning, indicating that users were unable to sell their tokens on the decentralized exchange PancakeSwap, leading some to label the token as a 'rug pull.'