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Scammers Exploit Squid Game Season 2 with Fake Token on Base Blockchain
The hype surrounding the highly anticipated second season of Netflix’s Squid Game has been capitalized upon by scammers, who have launched a fake cryptocurrency token named SQUID. The token, which was created on Coinbase’s Base blockchain, saw its value plummet by an astonishing 99% within mere hours of its release.
According to reports, the scammers utilized the popularity of the show to attract investors, likely duping many unsuspecting individuals into investing in the fake asset. This latest scheme serves as a stark reminder of the importance of conducting thorough research before investing in any cryptocurrency or token.
The SQUID token’s sudden collapse is eerily reminiscent of similar pump-and-dump schemes seen in the past, where scammers create hype around an asset and then cash in by selling their own holdings. In this instance, it appears that the creators controlled a significant portion of the tokens to manipulate the market, leading to the devastating loss for investors.
It is unclear at this time how many individuals have been affected by this particular scam, but one thing is certain – such schemes will continue to occur unless vigilance and due diligence are exercised by potential investors. As with any investment opportunity, it is crucial to do your own research and consult with experts in the field before making a decision.
In related news, other experts predict that the market is poised for significant growth in the coming months, despite this latest setback. Will you be prepared to capitalize on these opportunities?
Source: cryptonewsland.com
