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Several crypto tokens bearing the Squid Game name appeared shortly after the second season of the popular Netflix series Squid Game was released, but many believe they could be scams.
Blockchain security company PeckShield warned on December 27 that several Squid Game-themed tokens are “circulating in the wild” and appear fraudulent.
PeckShield stated on X, “Beware of scam #SquidGame tokens circulating in the wild”.
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One example is a token launched on the Base blockchain, where its deployer held the largest share of the supply. This token dropped by 99% shortly after it was introduced, causing losses for anyone who bought in.
Other similar tokens were reported on the Solana
$190.34
network, raising further suspicion. A social media account on X promoted a Squid Game token. However, another X user flagged the token as potentially dangerous, pointing out that its top holders all appeared to be the same entity.
The second installment of Squid Game debuted on December 26. Known for its intense storyline, the series follows financially struggling participants who risk their lives in dangerous games to win a massive prize.
The Squid Game-themed tokens flagged as scams or rug pulls are not the only ones that made headlines. On December 26, the X account of Animoca Brands’ co-founder was breached to promote a fake token. How did the hacker pull it off? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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