Squid Game Lovers Got Scammed as Fake Token Drops 99%

Just as Netflix viewers are engrossed in the cryptocy storyline of Squid Game Season 2, scammers have capitalized on the show’s renewed popularity, launching a fake ‘Squid Game’ token on the Base blockchain. The token, predictably named SQUID, has already crashed by 99% in a classic pump-and-dump scheme.  Peckshield issued a warning for everyone on Twitter, but it too was late because, in just three hours, the token already has lost all of its value.

The scam was orchestrated as a pump-and-dump scheme, with the deployer holding the majority of the token supply to manipulate the market. Investors who bought into the hype have been left with significant losses. A pump-and-dump scheme is a scam where fraudsters hype up an asset to raise its price (pump), then sell their holdings at the peak (dump), causing the price to crash. Investors who buy in during the hype often lose money.