Scam Alert: Squid Game-Themed Tokens Raise Red Flags

Crypto News Exploits

Scam Alert: Squid Game-Themed Cryptocurrency Tokens Raise Red Flags

Written by Aaron S.,

Editor-In-Chief

Last Updated: December 30, 2024

Key Takeaways

Squid Game-themed crypto tokens appeared after the series' second season but are suspected of being scams;
PeckShield flagged tokens on Base and Solana, warning investors of fraudulent activity;
Social media accounts promoting these tokens raised red flags, as top holders seemed linked.

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Scam Alert: Squid Game-Themed Cryptocurrency Tokens Raise Red Flags

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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 SOL $133.96 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.