Facebook promotes Squid Game copycat ‘Baby Squid’ despite $3.5M crypto scam
Facebook is being overrun with sponsored ads shilling copycat Squid Game cryptocurrencies, despite a high-profile rug pull leaving ‘original’ SQUID token investors more than $3 million out of pocket.
“Baby Squid” and “Squid Token” are targeting new money caught up in the hype surrounding the popular Netflix series, with sketchy ads promising low fees, 100% security, and fair launches.
These likely fraudulent projects are being launched on centralized Ethereum competitor Binance Smart Chain and peddled via decentralized exchange PancakeSwap.
On Monday, SQUID tumbled from $2,860 to almost zero in a matter of seconds.
Whoever was behind original Squid Game crypto scam is estimated to have run off with around $3.5 million.
Those funds were generated by selling the token in the seven days before the rug pull. However, the incident hasn’t turned everybody off.
According to PooCoin, Baby Squid (BSG) is pumping — almost certainly due to its promotion across Facebook.
BSG has a current max supply of 1 trillion. Similarly to other crypto Ponzi games, it boasts deflationary gimmicks like token burns tied to transactions to encourage holding.
Another almost identical sponsored post on Facebook appeared for “Squid Token” appeared overnight, but at press time the associated page is no longer available.
Considering the language, it’s likely the same entity is peddling both shitcoins.
[Read more: Watch this guy lose his shit as $2T Squid Game crypto crashes to zero]
Not just Baby Squid: Facebook can’t shake dodgy crypto ads
Phony crypto ads have plagued Facebook for years, but they’re particularly prevalent in 2021.
The Menlo Park tech giant banned all crypto-related advertising in 2018, but amended its policy a few months later to allow “pre-approved” advertisers.
It’s not clear how Baby Squid and its apparently related Squid Token slipped through Facebook’s net.
In recent months, crypto scammers have used some of the world’s leading soccer clubs to hawk unofficial fan tokens.
Just like the Squid Game copycats, scammers have leveraged Facebook to shill fraudulent cryptocurrencies mimicking brands of Manchester United and Paris Saint-Germain this year.
Protos contacted Facebook for comment but at time of publication received no response.
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