Key Insights
- New Squid Game cryptocurrency tokens emerge following Netflix’s Season 2 release
- PeckShield security firm warns of fraudulent tokens with suspicious holder patterns
- Similar tokens during Season 1 in 2021 resulted in alleged “rug pull” scams
SINGAPORE/SEOUL (MarketsXplora) – The release of Netflix’s Squid Game second season has sparked a surge of potentially fraudulent cryptocurrency tokens, prompting warnings from blockchain security experts and community members.
Blockchain security firm PeckShield issued an alert on December 27 about suspicious Squid Game-themed tokens “circulating in the wild,” following the series’ second season launch on December 26. The popular Korean thriller series features contestants risking their lives for prize money.
PeckShield identified one particularly suspicious token on the Base network, where the token deployer emerged as the largest holder. The token has already experienced a 99% price drop since launch. Similar questionable tokens have also appeared on the Solana blockchain.
Community members raised additional red flags about a token being promoted by an X (formerly Twitter) account sharing the series’ name. Users noted suspicious patterns in token distribution, with top holders showing identical characteristics, suggesting potential manipulation.
This isn’t the first time Squid Game-themed tokens have raised concerns. During the show’s first season in 2021, a similar token gained attention after surging over 45,000% in value. The situation prompted CoinMarketCap to issue warnings when users reported inability to sell their tokens on PancakeSwap, leading to allegations of a “rug pull” scam.
The new wave of suspicious tokens emerges as the second season of Squid Game continues the story of contestants participating in deadly games for financial rewards, though investors in these themed cryptocurrencies may face more straightforward losses.