Cryptocurrency scams capitalizing on the Squid Game movie are making a comeback.

After the movie Squid Game aired on Netflix in late 2024, cryptocurrency tokens with related names also appeared in droves. While the characters in Squid Game had the chance to win a large sum of money, those who invested in the Squid Game tokens were highly likely to lose everything.

Most projects that use names and profile pictures based on the "Squid Game" are scams and show signs of being "discarded" projects.

A series of tokens based on the Squid Game movie have just been released.

Blockchain security company PeckShield has issued a warning to the community about this. According to PeckShield, fraudulent tokens based on Netflix series are "circulating out of control." Blockchain data shows that a token with the same name deployed on the Base blockchain network has dropped 99% in price since its launch. Many other tokens have also been created on the Solana network.

Not only did the scammers create tokens with the names of popular movies, but they also created accounts named X, using the name Squid Game and selecting game icons as profile pictures to advertise the project. Many social media users have warned investors against buying these tokens.

Most of the derivative tokens have the same name and profile picture. A common feature is that the projects have very little liquidity; players can only buy but not sell.

This isn't the first time a cryptocurrency scam capitalizing on the Squid Game movie has appeared. In 2021, a series of similar tokens emerged when the film became a global sensation. At that time, one token surged in value by 45,000%. However, the community raised concerns because many users reported being unable to sell their tokens when the price increased.

Source: https://thanhnien.vn/lua-dao-tien-so-an-theo-phim-squid-game-ro-tro-lai-185250101225043214.htm