Michaela Alvez
Squid Game Season 2 has delved into the world of cryptocurrency scams, mirroring the real-life “rug pull” that unfolded shortly after Season 1’s successful release.
The South Korean production marked the holiday season with its release shortly after Christmas Day. In the world of Squid Game Season 2, the $DALMATIAN coin emerges as a promising cryptocurrency, rapidly gaining traction through aggressive marketing and endorsements from prominent influencers.
Notably, Lee Myeong-gi (Player 333), a former prominent cryptocurrency influencer known as “Amazing Myung-gi,” heavily endorsed the $DALMATIAN coin on his YouTube channel.
Lee urged his followers to invest heavily, only for the coin’s collapse to cause substantial financial losses for his audience. This setback led him to participate in the deadly games.
Another notable player, Choi Su-bong (Player 230), known as Thanos, is a former rapper who followed Lee’s advice and invested his life savings into the $DALMATIAN coin, a decision that led to his financial ruin. Desperate to recover from his losses, he entered the deadly games in hopes of rebuilding his life.
Several other players in the games also fell victim to Lee’s promotion of the coin, leading them to pressure him into staying in the competition. They demanded that he repay the money they had lost, expecting compensation from the winnings they believed the games would bring.
Like many real-life cryptocurrency scams, $DALMATIAN proved to be far from what it initially appeared. The coin saw a surge in hype and drew in a large number of retail investors before its eventual collapse.
It is later revealed that the creators of $DALMATIAN had malicious intentions and only used the project as a pump-and-dump scheme.
The aftermath of the coin’s collapse further emphasizes the central themes of Squid Game and emphasized the extreme lengths to which people are driven by financial ruin and desperation.
Art Imitates Life: Squid Game Crypto Scam
Following the release of Squid Game Season 1 in 2021, a real-life cryptocurrency scam emerged involving a coin called $SQUID. Known as the “Squid Game crypto scam,” it exploited the show’s popularity by using its name and theme to lure investors.
The token promoted itself as part of a decentralized “play-to-earn game,” offering users the chance to earn rewards by participating in online games that replicated the deadly challenges from the show.
The project’s whitepaper suggested that users would stake $SQUID tokens in the game, with the possibility of gaining more tokens through gameplay. However, the game itself never materialized.
$SQUID garnered significant attention following its launch, and led its value to skyrocket and peak at over $2,800 per token within just a few days.
On November 1, 2021, the developers behind the $SQUID coin executed a rug pull and caused its value to plummet to near zero.
The anonymous developers of the Squid Game crypto scam restricted liquidity, effectively preventing ordinary users from selling their holdings. Shortly afterward, they vanished, allegedly taking approximately $3.38 million in investor funds.
Despite the high-profile Squid Game crypto scam linked to the first season, the release of Season 2 prompted some scammers to launch new fraudulent tokens, attempting to exploit the show’s renewed popularity.
On December 27, 2024, blockchain security firm PeckShield issued a warning to the community about fraudulent Squid Game tokens. The firm highlighted concerns over one token deployed on Base, noting that its deployer was also its largest holder. Since its launch, the token’s value has plummeted by 99%.
Read More
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
