PeckShieldAlert analysts have reported a new crypto scam involving the use of the 'Squid Game' series popularity.
'Squid Game' Inspires Scammers
Experts warn the crypto community to be cautious with tokens leveraging the fame of the South Korean series 'Squid Game'. According to PeckShieldAlert, the scam token was deployed using the Base layer-2 solution created by Coinbase, and its price fell by 99% shortly thereafter, highlighting the typical 'rug pull' tactic.
Infamous 2021 Scam Token
A similar incident occurred in 2021 when scammers used the 'Squid Game' hype to launch a scam token that soared to a price of $2,856 per unit. Eventually, developers withdrew more than $3 million of investor funds, causing the token to plummet to near worthlessness.
Lessons for the Crypto Community
This case underscores the importance of caution and diligence in crypto investments. Scam tokens recur in history, and the community should remain vigilant when following trends and trendy projects.
The crypto community faces ongoing scams like these, emphasizing the need for vigilance and thorough due diligence before investing.
