Squid Game tokens flood crypto market amid season 2 release

Bitget App

Trade smarter

Grafa2024/12/30 09:50

By:Isaac Francis

As Netflix launched the second season of Squid Game on December 26, a surge of Squid Game-themed (CRYPTO:SQUID) tokens flooded the crypto market, sparking warnings from community members about potential scams and rug pulls.

The popular show, which centers on a deadly contest offering a life-changing prize, had a major influence on the crypto space as new tokens associated with the series began circulating.

However, investors should exercise caution, as these tokens may not offer the same rewards as the show's contestants.

Blockchain security firm PeckShield raised alarms on December 27, identifying fraudulent Squid Game tokens.

The firm revealed that tokens based on the Netflix series were circulating on various blockchains, with some already showing signs of manipulation.

PeckShield flagged a token deployed on Base, noting that its largest holder was also its deployer.

This token had already lost 99% of its value since its launch.

Similar tokens based on Squid Game appeared on the Solana (CRYPTO:SOL) blockchain as well.

On social media, a user promoting a Squid Game-themed token highlighted the suspicious distribution of tokens.

The user pointed out that the top holders seemed identical, suggesting that a few individuals could dump their tokens once others start purchasing.

This isn't the first time Squid Game-related tokens have emerged.

In 2021, following the release of the first season, a Squid Game token skyrocketed by over 45,000%.

However, many users reported being unable to sell their tokens on PancakeSwap (CRYPTO:CAKE), leading some to label it a “rug pull.”

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!

European Central Bank President Christine Lagarde said bitcoin is not an option as a reserve asset for the Eurozone’s central bank reserves, citing liquidity, security and regulatory concerns.Meanwhile, the Czech National Bank approved a proposal from Governor Aleš Michl to assess diversifying some of its country’s reserves into bitcoin.

The Block•2025/01/30 21:34

'Inevitable collapse': Trump’s crypto push sparks concern at Paul Singer's Elliott Management: FT

The hedge fund said in a new investor letter that the “inevitable collapse” of the crypto bubble “could wreak havoc,” according to the Financial Times.Elliott’s Paul Singer has never been a fan of crypto, telling WSJ in 2023 that cryptocurrencies are “completely lacking in any value.”

The Block•2025/01/30 21:34