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"SpongeBob's Game 2" Triggers Cryptocurrency Token Frenzy, Experts Warn of Potential Scams

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Dec 30, 2024

After the launch of "Squid Game 2", a series of cryptocurrencies with the same name quickly emerged in the market. CoinTelegraph and blockchain security firm PeckShield warned that these tokens may involve fraud or "rug pulls". PeckShield noted that one of the tokens issued on the Base network is held centrally by its issuer, and its price plummeted by 99% after listing. Similar tokens have also appeared on the Solana network, which may be manipulated by a small number of holders. A similar token scam occurred when the first "Squid Game" premiered in 2021, during which the token price surged over 45,000%, but was ultimately proven to be a scam as it could not be traded. Investors need to remain highly vigilant about crypto assets related to popular film and television works to avoid unnecessary losses.

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