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Scammers Exploit Squid Game Season 2 with Fake Token on Base Blockchain
As the highly anticipated second season of popular Netflix series “Squid Game” gains traction, scammers have capitalized on the hype by launching a fake cryptocurrency token named SQUID on Coinbase’s Base blockchain. The token, which was created just three hours ago, has already collapsed by 99% in value, leaving investors with significant losses.
The scammers behind the pump-and-dump scheme controlled the majority of the tokens, manipulating the market to artificially inflate its price. Once they had reached their desired profit margin, they dumped their holdings onto the market, causing a sharp and devastating crash in the token’s value.
This is not the first time that “Squid Game” has been linked to cryptocurrency scams. In 2021, another fake SQUID token was launched, promising play-to-earn games based on the show. The token skyrocketed in value before suddenly crashing to zero, leaving millions of dollars’ worth of losses for unsuspecting investors.
The rise of these types of pump-and-dump schemes highlights the need for increased vigilance and research among cryptocurrency traders. While it is understandable that scammers would seek to capitalize on popular trends like “Squid Game” season 2, investors must remain cautious and thoroughly vet any new token or investment opportunity before committing their funds.
Coinbase’s Base blockchain has been specifically targeted by these scammers, highlighting the need for improved security measures to prevent such schemes from occurring in the future. With the cryptocurrency market being as fast-paced and unpredictable as it is, it is crucial that investors prioritize due diligence when considering any new investment opportunities.
In conclusion, the launch of fake token SQUID on Base Blockchain serves as a stark reminder of the importance of staying informed and doing your own research before investing in cryptocurrencies.
Source: cryptonewsland.com
