Squid Games Scam Season 2 Begins With a New Netflix Release

As scammers continue riding popular news to trick unsuspecting victims, the latest example comes with the release of the popular TV series Squid Game Season 2 on Netflix. Once again, the scheme employs scam tokens.

After the release this past Christmas week, the market saw a wave of new Squid Game-themed tokens entering the market via different blockchains, such as BNB, Solana, Ethereum, Base, and Tron. Trading pairs are available on decentralized exchanges such as Uniswap, Pancakeswap, and others.

While memecoiners are well-known for their attempts to capitalize on various trends, many of these tokens are often created for scam purposes only.

Security researchers at PeckShield have issued an alert urging users to beware of scam Squid Game tokens circulating in the market.

"We have detected a fraudulent #SquidGame token deployed on #Base just 3 hours ago, with the deployer as the largest holder. The token has dropped 99%," they warned.

Other traders have also urged caution, providing another example of the $SQUID token, apparently managed by the people behind the SquidGamesSolana account on the X platform.

"No, that is not a coincidence. Don't get rugged," a pseudonymous X user said, pointing out that all top holders look the same.

The SquidGamesSolana account is still active, promoting their token, which is down 61% in the past 24 hours.

In either case, this is not the first time scammers have tried to use the popular South Korean TV series.

Similarly, in 2021, when the show debuted on Netflix, the market saw a Squid Game-themed token skyrocket tens of thousands of percent in price, forcing even the creators of the series to distance themselves from the token that defrauded investors of millions of dollars.