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Data shared by the PeckShieldAlert account on the social media platform
this time, Scammers I used the name of the popular Netflix series called “Squid Game.”
“Squid Game” inspires scammers to release token
The aforementioned post by X warned the cryptocurrency community about tokens that are using the incredible popularity of South Korean series on Netflix to scam users out of their money.
According to PeckShieldAlert, the scam code in question was deployed on the underlying Layer 2 solution created by the US exchange Coinbase several hours ago. Its creator wallet was the largest coin holder. To date, the price of the token has dropped by 99%.
This massive drop in price after a significant rise indicates volatility, when creators start selling their token holdings once the price reaches the peak. In this case, the price collapsed from $0.1442 to $0.0000000000001269.
CoinMarketCap offers data on several tokens with SQUID ticker, but the mentioned cryptocurrency is not among them since it was only launched today and has already been proven to be a scam.
Related to
The notorious "Squid Game" scam code 2021
Similar story It debuted in 2021 When the Squid Game Token Scam (SQUID) scam was released it quickly gained traction due to the huge popularity of the first season of the film series. The token was promoted as a “play to win” cryptocurrency that allowed holders to participate in online games inspired by the South Korean TV show.
The value of this token skyrocketed very quickly - by thousands of percentage points in just one week, peaking at an astonishing $2,856 per unit. The project was created by an anonymous group of developers, while their official website and social media channels were riddled with multiple grammatical errors. In addition, the developers avoided any obvious connection with the cryptocurrency community.
On November 1, 2021, the development team conducted a flash withdrawal where they suddenly withdrew over $3 million of investor funds, pushing the price of the token to almost zero.
As a result, the project’s website and social media accounts were deleted, while investors and owners suffered huge financial losses and no hope of recovering their money.
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