Shocked, the Squid Game token scam is rampant in the cryptocurrency market

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With Netflix releasing the second season of 'Squid Game' after Christmas, tokens with the same name have flooded the cryptocurrency market.

PeckShield warns to beware of Squid Game token scams.

On December 27, blockchain security company PeckShield issued a warning to community members, stating that they believe the Squid Game token is fraudulent. According to PeckShield, scam tokens based on the Netflix series are 'widely circulating'.

The blockchain security company also pointed out that the largest holder of a token deployed on Base is its deployer. Since its launch, the token has dropped by 99%. Similar tokens based on the Netflix show have also appeared on the Solana network.

An X account with the same name as the 'Squid Game' series has been promoting a token based on the show. However, a community member warned users not to purchase the token. This X user pointed out that the largest holders of the 'Squid Game' token 'look all the same'. This means that these tokens are distributed to a few individuals, and once others buy in, these individuals may sell off these tokens.

The first season of Squid Game sparked similar cryptocurrency tokens.

After the release of Squid Game in 2021, tokens with the same name entered the cryptocurrency market. One token's price skyrocketed, increasing by over 45,000%. However, when reports emerged that users were unable to sell the token, community members suspected that the token was a scam.

At that time, CoinMarketCap issued a warning that users could not sell their tokens on the decentralized exchange PancakeSwap. Therefore, some claimed the token was a 'scam'.

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