Toward the end of December, Netflix released the second season of “Squid Game,” the most-watched series in the platform’s history. Soon after its launch, tokens referencing the dystopian thriller flooded the crypto market. 

Just one day after the series launch, blockchain security firm PeckShield warned the community about the fraudulent nature of some Squid Game-inspired tokens.

Squid Game Tokens on the Rise

The Squid Game series depicts a high-stakes competition in which contestants, facing dire financial circumstances, risk their lives in pursuit of a substantial prize. 

Following the renewed popularity of the “Squid Game” series after the second season launched on December 26, tokens bearing the series-inspired names quickly appeared on numerous cryptocurrency exchanges.

However, the rapid emergence of several Squid Game-themed tokens has raised concerns regarding their authenticity and the potential financial risks associated with investing in them.

On December 27, blockchain security company PeckShield warned about the integrity of different tokens, identifying them as potential frauds. 

“Beware of scam SquidGame tokens circulating in the wild. We have detected a fraudulent #SquidGame token deployed on Base just 3 hours ago, with the deployer as the largest holder,” PeckShield said in an X post.

In that case, PeckShield flagged a particular token deployed on Ethereum’s Base platform, noting that its deployer held a

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Author: Camila Grigera Naón