As Netflix released Squid Game Season 2 on December 26, the crypto market saw an influx of tokens named after the series. However, many community members have raised warnings that these tokens could be scams or rug pulls. PeckShield, a blockchain security firm, identified several fraudulent tokens and suggested that one token on Base showed alarming signs, including its largest holder also being the deployer. This token had dropped by 99% since its launch. Similar tokens have also emerged within the Solana network, with reports highlighting suspicious distribution patterns amongst top holders. This situation mirrors earlier instances following the original Squid Game series release in 2021, when tokens experienced massive price spikes before allegations arose of them being scams. Reports indicated previous users faced difficulties selling their tokens, leading to claims of rug pulls, prompting warnings from platforms like CoinMarketCap.

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