The release of the second season of the Squid Game series on Netflix in late December 2024 led to a rapid influx of tokens related to this series into the cryptocurrency market. Despite being Netflix’s most popular show, some of these tokens were flagged as fraudulent by the blockchain security company PeckShield, warning investors of potential risks. Similar suspicious activities were observed in the Solana network, resembling pump and dump schemes and scams. These events echo similar experiences in 2021 when the first season of this series spawned tokens that ended in scams, with one famous case being the ‘SQUID’ token experiencing over a 45000% price surge, trapping investors due to illiquidity. These incidents highlight the investment risks in cryptocurrencies related to popular but opaque themes. According to available data, cryptocurrency scams caused over $2.3 billion in losses to this industry in 2024, marking a 40% increase from 2023. You can track the prices of all tokens and cryptocurrencies live on the digital currency price page.
