Recent reports from the “PeckShieldAlert” account on the X platform have revealed a new cryptocurrency scam, in which scammers used the name of the popular Korean series “Squid Game” produced by “Netflix.”
This type of fraud exploits the popularity of the series to attract investors, in a process that has been repeated more than once in recent years.
The latest transaction took place on Coinbase's Base network.
The scammers launched a new cryptocurrency named after the series, and promoted it using catchy phrases to attract new investors.
Initially, the coin saw a rapid rise in value, before collapsing by 99%, indicating a “rug pull” process where innovators suddenly sell their holdings, causing the price to collapse.
The value of the coin dropped from $0.1442 to nearly zero within hours, while data revealed that the wallet that launched the coin was the largest in terms of holdings.
What happened brings to mind a similar scam that took place in 2021 using the same name “Squid Game”.
At the time, the currency was promoted as a way to “play and earn money,” allowing holders to participate in games inspired by the series.
The coin had a huge surge in value, but then collapsed completely after developers withdrew investors' funds, which exceeded $3 million.
Later, the project's website and social media accounts were deleted, leaving investors with no chance of getting their money back.
Such operations highlight the urgent need to exercise caution when dealing with new projects in the cryptocurrency market, especially those that rely on common names to exploit users’ trust.
We always recommend checking the credibility of the project and its team and avoiding being lured by false promises of quick profits, especially if the project lacks transparency or has signs of fraud, such as grammatical errors or poor communication with the community.
Investing in cryptocurrencies requires caution and careful research, as many scammers exploit the popularity of some businesses to attract victims.
Always remember that it is better to be safe than sorry, and that big promises are often a door to fraud.
