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Hold onto your marbles, folks, because Squid Game tokens are flooding the crypto space again. Just as Netflix dropped Season 2 of its wildly popular dystopian thriller on Dec. 26, crypto scammers rubbed their hands together like the Front Man plotting his next big game.
But while the contestants in Squid Game might win billions (or, you know, die trying), putting your money into Squid Game-inspired crypto could be an actual financial wipeout. Let’s break it down.
Scam Tokens Are “Circulating in the Wild” 🕵️♂️
Blockchain sleuths over at PeckShield sent out a red alert on Dec. 27: these Squid Game tokens aren’t the financial jackpot you’re hoping for—they’re more like financial bear traps. PeckShield flagged several tokens that are straight-up scams. 🚨
One token on the Base network was particularly sketchy. Turns out the deployer (a fancy term for the person who created it) is the token’s biggest holder. That’s a big ol’ red flag. Since launching, the token’s value has plummeted a jaw-dropping 99%. Oof. And, oh look, similar knockoffs are popping up on the Solana network too.
Read Also: Largest Rug Pull Scams in History
Even worse, an X (formerly Twitter) account pretending to be affiliated with Squid Game was out there hyping these tokens. One savvy user took a closer look and noticed something fishy: the top wallets holding the token looked eerily similar. Translation? These folks are probably gearing up to dump their tokens on you faster than a sugar honeycomb snap. 🐝
Déjà Vu: Remember the 2021 Squid Game Token Fiasco? 😵💫
This isn’t the first time Squid Game tokens have entered the chat. Back in 2021, when the original series took Netflix by storm, a token of the same name saw its price rocket over 45,000%. Yep, it was a one-way ticket to Lambo Land… until it wasn’t. 🚗💥
Read Also: How to Avoid Meme Coin Scams
Users soon realized they couldn’t sell their tokens on PancakeSwap. Imagine watching your “gains” skyrocket, only to find out they’re locked up tighter than a Squid Game vault. Spoiler alert: it turned out to be a classic rug pull. CoinMarketCap even issued a warning, confirming users were stuck holding the digital equivalent of Monopoly money.
The Bottom Line: Don’t Get Played 🤡
Sure, Squid Game is great for binge-watching, but betting on these knockoff tokens? That’s a game you don’t want to play. Whether it’s suspicious deployers, identical top holders, or tokens crashing faster than a player failing Red Light, Green Light, it’s clear: Squid Game crypto is more rug pull than jackpot.
So unless you’re in it for the thrill of getting scammed (weird flex, but okay), maybe stick to watching the series and keep your ETH safe for actual projects. 🚀
Feature image by Sung Jin Cho
