Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Data shared by the PeckShieldAlert account on the social media platform X (formerly known as Twitter) has rang the alarm about a new crypto rugpull spotted today.

This time, scammers have used the name of the highly popular series produced by Netflix called “Squid Game”.

"Squid Game" inspires scammers to launch token

The aforementioned X post warned the crypto community to beware of tokens that use the stunning popularity of the South Korean series on Netflix to scam users and get hold of their funds.

According to PeckShieldAlert, the scam token in question was deployed on the layer-2 Base solution created by the US Coinbase exchange several hours ago. Its creator wallet was the coin’s largest holder. By now, the token price has dropped 99%.

Such a massive price decline after a big rise is indicative of a rugpull, when creators begin selling their token holdings once the price reaches a peak. In this case, the price crashed from $0.1442 to $0.0000000000001269.

CoinMarketCap offers data on several tokens with a SQUID ticker, but the aforesaid crypto is not among them since it was launched only today and has already proved to be a scam.

Infamous "Squid Game" 2021 scam token

Similar story first emerged in 2021 when a Squid Game token scam (SQUID) was launched gaining traction fast due to the huge popularity of the movie series’ first season. The token was promoted as a “play-to-earn” crypto which allowed holders to take part in online games inspired by the South Korean TV show.

That token’s value skyrocketed in a meteoric rise pretty fast – by thousands of percentage points in just a single week, peaking at an astounding $2,856 per unit. The project was created by an anonymous group of developers, while their official website and social media channels were full of multiple grammatical errors. Besides, the developers avoided any clear communication with the crypto community.

On November 1, 2021, the developer team performed a rugpull as they abruptly withdrew more than $3 million of investor funds, which pushed the token’s price almost down to zero.

Following that, the website of the project and its accounts on social media were deleted, while investors and holders were left with massive financial losses and no hope of recovering their money.

TopCryptoNewsinYourMailbox

TopCryptoNewsinYourMailbox