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Scammers Exploit Squid Game Season 2 with Fake Token on Base Blockchain
The highly anticipated second season of the popular Netflix series “Squid Game” has finally dropped, but instead of the usual excitement and anticipation from fans worldwide, scammers have capitalized on the hype to launch a fake token on Coinbase’s Base blockchain. The SQUID token quickly lost 99% of its value, leaving investors with significant losses.
The fake cryptocurrency was created as part of a pump-and-dump scheme, where scammers manipulated the market by controlling most of the tokens and selling them at an inflated price. This tactic has become increasingly common in the crypto space, and it seems that Squid Game Season 2’s massive popularity has provided the perfect cover for these fraudulent activities.
This is not the first time a Squid Game-related token has been launched. In 2021, another SQUID token was launched, promising play-to-earn games based on the show. However, the creators disappeared with millions of dollars, leaving investors with no way to recover their losses.
The latest example serves as a stark reminder for investors and enthusiasts alike to remain cautious when it comes to emerging tokens and unverified projects. The crypto market is notoriously unpredictable, and it’s essential to prioritize research and due diligence before investing in any asset.
It remains unclear whether Coinbase or Netflix will take any action against the fraudulent token, but one thing is certain – fans of the show should be wary of any suspicious activity related to SQUID tokens and focus on enjoying the thrilling second season.
Source: cryptonewsland.com
