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Squid Game Craze Hits Altcoin Market: Beware of Projects Falling 99% - Coin Bulletin
After the second season of Netflix's popular Squid Game was released on December 26, many new tokens emerged with the name of the series. However, experts say that these may carry a risk of fraud or rug pull.
Blockchain security firm PeckShield has warned about the potential for fraud in tokens based on the Squid Game series. PeckShield cautioned investors to be careful, stating that there are fake tokens circulating in the market with a Squid Game theme.
PeckShield stated that in the Base blockchain, the distributor is also the largest token holder. Since the token was launched, it has lost 99 percent of its value. Similarly, other Squid Game themed tokens have emerged on the Solana network.
The community warns against fake tokens
Please provide the text to be translated An X account opened with the name of the series tried to introduce a Squid Game-themed token. However, community members warned other users not to buy this token. A user pointed out that the biggest holders of Squid Game tokens look alike and that tokens are concentrated in the hands of a few people. This situation increases the likelihood of these individuals rapidly selling the token after other investors buy the token, thereby reducing its value.