As a seasoned crypto investor with battle scars from numerous market fluctuations and scams, I can’t help but feel a mix of amusement and dismay when I come across stories like this “Squid Game” token fiasco. It seems that every time a popular culture phenomenon emerges, unscrupulous individuals are quick to capitalize on it, luring unsuspecting investors into their web.
Information posted by the PeckShieldAlert account on social media platform X (previously known as Twitter) is sounding an alert about a recently discovered cryptocurrency rug pull incident today.
Currently, swindlers are exploiting the fame of the widely acclaimed Netflix-produced series known as “Squid Game”.
“Squid Game” inspires scammers to launch token
Previously mentioned X post advises the cryptocurrency community to stay cautious regarding tokens claiming to be associated with the sensational success of a South Korean series on Netflix, as these may attempt to swindle users and seize their assets.
As reported by PeckShieldAlert, the suspicious token under discussion was recently launched on a layer-2 platform developed by U.S.-based Coinbase Exchange. The wallet of its creator held the majority of the coin’s supply. At this point, the token’s value has plummeted approximately 99%.
A significant drop in price following a substantial increase might suggest a situation known as a “rug pull.” This happens when project creators start selling their tokens once the price peaks. In the scenario you’ve described, the price plummeted from $0.1442 to an incredibly low value of $0.0000000000001269.
🚨 Caution: Fake Squid Game tokens are in circulation! 🚨
— PeckShieldAlert (@PeckShieldAlert) December 27, 2024
CoinMarketCap doesn’t provide information for a cryptocurrency using the SQUID ticker symbol yet because this particular token was recently introduced and has been identified as a fraudulent one, having already been exposed as a scam.
Infamous “Squid Game” 2021 scam token
In 2021, a similar situation occurred with the Squid Game token fraud (SQUID). This scam rapidly gained attention due to the massive popularity of the first season of the movie series. The token was marketed as a “play-to-earn” cryptocurrency, enabling token holders to engage in online games modeled after the South Korean TV show.
The worth of that particular token soared dramatically, reaching unprecedented heights in a very short time – more than 1000% increase within a week, reaching an astonishing $2,856 per unit at its peak. However, this project was developed by an unidentified team of programmers who were less attentive to grammar and spelling on their official website and social media platforms. Furthermore, there was little to no engagement with the crypto community from these developers.
On November 1, 2021, the development team pulled a “rug-pull” maneuver by suddenly removing over $3 million from investors’ funds, causing the token’s value to plummet close to nothing.
Afterwards, the project’s website and its social media profiles were removed, leaving investors and stakeholders with substantial financial losses and no prospects for regaining their funds.
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2024-12-27 15:08