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Potential Risks of Squid Game-Inspired Tokens Following Season 2 Launch on Solana and Ethereum
The post Potential Risks of Squid Game-Inspired Tokens Following Season 2 Launch on Solana and Ethereum appeared on BitcoinEthereumNews.com. Following the release of “Squid Game” Season 2, multiple scam tokens referencing the series emerged on decentralized exchanges. Most of these tokens launched on the Solana network, saw a 99% price drop shortly after launch, suggesting rug pulls. This trend echoes similar fraudulent activities tied to the first season of “Squid Game” in 2021, when the SQUID token rug pull stole over $3.3 million. Toward the end of December, Netflix released the second season of “Squid Game,” leading to an influx of scam tokens in the crypto market. Squid Game Tokens on the Rise The Squid Game series depicts a high-stakes competition in which contestants, facing dire financial circumstances, risk their lives in pursuit of a substantial prize. Following the renewed popularity of the “Squid Game” series after the second season launched on December 26, tokens bearing the series-inspired names quickly appeared on numerous cryptocurrency exchanges. However, the rapid emergence of several Squid Game-themed tokens has raised concerns regarding their authenticity and the potential financial risks associated with investing in them. On December 27, blockchain security company PeckShield warned about the integrity of different tokens, identifying them as potential frauds. “Beware of scam SquidGame tokens circulating in the wild. We have detected a fraudulent #SquidGame token deployed on Base just 3 hours ago, with the deployer as the largest holder,” PeckShield said in an X post. In that case, PeckShield flagged a particular token deployed on Ethereum’s Base platform, noting that its deployer held a significant portion of the supply. Since its launch, this token has experienced a 99% price decline. Similar schemes on Solana exhibited suspicious behavior, such as identical top token holders, suggesting potential price manipulation and coordinated pump-and-dumps, which usually end in rug pulls. Users have particularly pointed fingers at a Squid Game-themed account on X that…
The post Potential Risks of Squid Game-Inspired Tokens Following Season 2 Launch on Solana and Ethereum appeared on BitcoinEthereumNews.com.
Following the release of “Squid Game” Season 2, multiple scam tokens referencing the series emerged on decentralized exchanges. Most of these tokens launched on the Solana network, saw a 99% price drop shortly after launch, suggesting rug pulls. This trend echoes similar fraudulent activities tied to the first season of “Squid Game” in 2021, when the SQUID token rug pull stole over $3.3 million. Toward the end of December, Netflix released the second season of “Squid Game,” leading to an influx of scam tokens in the crypto market. Squid Game Tokens on the Rise The Squid Game series depicts a high-stakes competition in which contestants, facing dire financial circumstances, risk their lives in pursuit of a substantial prize. Following the renewed popularity of the “Squid Game” series after the second season launched on December 26, tokens bearing the series-inspired names quickly appeared on numerous cryptocurrency exchanges. However, the rapid emergence of several Squid Game-themed tokens has raised concerns regarding their authenticity and the potential financial risks associated with investing in them. On December 27, blockchain security company PeckShield warned about the integrity of different tokens, identifying them as potential frauds. “Beware of scam SquidGame tokens circulating in the wild. We have detected a fraudulent #SquidGame token deployed on Base just 3 hours ago, with the deployer as the largest holder,” PeckShield said in an X post. In that case, PeckShield flagged a particular token deployed on Ethereum’s Base platform, noting that its deployer held a significant portion of the supply. Since its launch, this token has experienced a 99% price decline. Similar schemes on Solana exhibited suspicious behavior, such as identical top token holders, suggesting potential price manipulation and coordinated pump-and-dumps, which usually end in rug pulls. Users have particularly pointed fingers at a Squid Game-themed account on X that…
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