The release of Squid Game Season 2 on Netflix in late December 2024 has reignited interest in cryptocurrency tokens linked to the show. These tokens quickly entered the crypto market following the premiere of the highly anticipated season.
Squid Game, Netflix’s most-watched show ever, is a high-stakes thriller where participants risk their lives for a massive prize. However, while the series captivates audiences, the associated crypto tokens are raising concerns.
Squid Game Tokens Make a Comeback
Blockchain security firm PeckShield issued a warning just one day after the new season’s release, stating that some of these tokens might be scams posing significant risks to investors. On December 27, the firm identified a token controlled by its largest holder, which subsequently lost 99% of its value. Similarly suspicious activity was observed on the Solana network, including pump-and-dump schemes and other fraudulent tactics.
These developments echo the 2021 release of Season 1, which led to the creation of numerous tokens—many of which turned out to be scams. A particularly infamous case involved a token named “SQUID”, which surged over 45,000% in value but left investors unable to sell their holdings, exposing the risks of investing in trendy but opaque crypto projects.
According to available data, crypto-related scams in 2024 caused losses exceeding $2.3 billion, marking a 40% increase compared to 2023. The resurgence of Squid Game tokens serves as a stark reminder of the dangers lurking in the volatile world of cryptocurrency, especially those tied to pop culture phenomena.
Investors are advised to exercise caution and conduct thorough research before diving into these high-risk investments.
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