According to Cointelegraph, after Netflix released the second season of (Squid Game), a large number of tokens based on the show emerged in the market. Community members warned that these tokens could be scams or 'rug pulls'.

On December 27, blockchain security company PeckShield warned community members to be aware of these tokens considered to be fraudulent Squid Game tokens. PeckShield pointed out that these tokens are circulating in the market.

PeckShield also discovered a token deployed on Base, where the deployer is the largest holder, and since its launch, the token has dropped by 99%. Similar tokens have also appeared on the Solana network.

An X account named after Squid Game had promoted the token, but community members warned users not to buy, pointing out that the main holders of the token appeared to be the same and could sell after others bought in.

When the first season of (Squid Game) was released in 2021, similar tokens also appeared, with one token's price skyrocketing over 45000%, but users were unable to sell, raising suspicions of a scam. CoinMarketCap at that time warned users that they could not sell the tokens on PancakeSwap, calling it a 'rug pull'.