Although the cryptocurrency industry has taken many precautions against scams in recent years, it is almost impossible to say that they have completely ended. Especially popular culture-related films, games, or similar elements that gain significant popularity in a short period of time become the target of crypto scammers. Netflix’s popular series, Squid Games, has already experienced its fair share of this. However, scammers don’t seem to be slowing down.
SQUID Game Token Risk: Be Cautious
Crypto and blockchain company Okan CoinStore emphasized in a press release shared in July that they would collaborate with a project called SQUID Game Token, which they described as “unique.” However, according to the latest information, this situation ended with a new scam.
The initial release of the SQUID token came right after the TV show and experienced a record surge in 2021, only to lose 99.9% of its value. It was known that the developers of the first SQUID token disappeared with a $3.4 million investor fund.
Websites like CoinMarketCap issued a warning that the project had switched to a new contract address after the initial scam. Although the project thought it could camouflage itself by changing its name and switching to a new contract address, the situation seems a bit different. Squid Game Token is currently flagged on CoinMarketCap and listed on decentralized cryptocurrency exchanges.
Smart Contract Details Are Important
The person behind the contract has the power to shape it as they wish, and these powers are reflected in the details of the smart contract. This indicates that investors can potentially lose everything by investing in this token. Extra caution should be taken with projects that have an anonymous team and focus on objects and elements related to popular culture. These projects can experience sharp price increases as well as significant downturns.
Although meme tokens like PEPE have recently increased interest in this area, it should not be forgotten that the situation has become more risky than ever.
