Squid Game Releases Second Season As Fraudulent Tokens Flood The Market

Tokens inspired by the Squid Game series on Netflix have surged in the market following the release of its second season. However, members of the community have raised concerns that these tokens could be scams or potential rug pulls.

PeckShield Issues Scam Warning

On December 26th, Netflix debuted the second season of the hugely popular Korean dystopian thriller Squid Game. The series centers around a private competition where players, facing severe financial hardship, risk their lives for the chance to win a large cash prize.

On December 27th, blockchain security firm PeckShield issued a warning to the community about potentially fraudulent Squid Game tokens. According to the firm, scam tokens based on the Netflix series are circulating in the wild.

PeckShield also highlighted a particular token deployed on the Base network, where the wallet of the deployer was its largest holder. Since its release, the value of the token has plummeted by 99%. Additionally, other similar Squid Game tokens have emerged on the Solana blockchain.

Previous Squid Game Token Scams In 2021

An account on X, using the same name as the Squid Game series, had been promoting one of these tokens. However, a community member cautioned users against purchasing it, pointing out that the largest token holders appeared to be concentrated among a few addresses. This raised concerns that these holders could dump their tokens once the price rises, leading to potential losses for new investors.

When Squid Game premiered in 2021, tokens associated with the series quickly appeared in the crypto market. One token saw an astronomical rise in value, soaring over 45,000%. However, suspicions of a scam emerged when users reported being unable to sell their coins. At the time, CoinMarketCap issued a warning that the tokens could not be traded on PancakeSwap, leading many to suspect that it was a rug pull.