Squid Game 2: 300,000 U Lost in a Crypto Scam

Squid Game Season 2 has landed, and one of its crypto subplots feels uncomfortably familiar. Cédric Beau watches the show as a fan and as someone who lost 300,000 U in the original Squid Coin rug pull. Here is the real story behind the hype, and the risk lessons every crypto investor should remember.

Squid Game Season 2, a Crypto Character, and a Familiar Name

Squid Game Season 2 is finally here. As a huge fan of the series, my wife and I did not waste any second. We were glued to the screen as soon as it dropped. This season is even crazier than the last, and one scene really stood out to me.

In the show there is a character named Lee. I have the same last name, I speak fluent Chinese, I live in Korea, and I am also a YouTube creator who constantly checks crypto prices on his phone. So when that character got involved with meme coins, some people might have thought of me. Let me be very clear: that Lee is not me. I would never tell anyone to invest in meme coins, let alone push them toward risky projects like that.

Why Meme Coins Are Not My Main Thing

If you have been following me for a while, you probably already know that meme coins are not my main thing. The meme coin space is booming, and I often talk about that. It has brought a lot of liquidity and activity to the market. But personally, I stay away for two simple reasons.

First, keeping up with meme coins takes constant effort and attention. My schedule is already full: writing videos, filming them, editing them, traveling abroad for crypto events and meetings, researching new projects, and spending time with my family. That family time is my priority now. I simply do not have the time or energy to keep tabs on meme coins.

Second, yes, some meme coins can bring massive returns, but their volatility and risks are just as massive. My current investment strategy leans more toward stability. Occasionally I will ride a trend, sure, but meme coins are far from the core of my portfolio.

The Squid Coin Scam That Cost Me 300,000 U

Watching Squid Game Season 2 inspired me to talk about the risks of investing in meme coins. I do not want you to end up like the characters in the show, drowning in debt because they went all in on one project. Honestly, I wonder if this storyline was inspired by the famous Squid Coin that made headlines back in the day. And yes, I fell for it too. I lost 300,000 U on it. I shared my whole story in one of my videos about crypto scams, but here is the gist for those who do not know.

When Squid Game Season 1 became a global phenomenon, a crypto project called Squid Game jumped on the hype train. It launched a game and a matching cryptocurrency, Squid Coin. The idea was simple: to play the game, you needed to hold Squid Coins. The concept blew up instantly, fueled by the show's popularity. The tokens sold out as soon as they launched. In just three days, the price of Squid Coin shot up from a few cents to 2,856 USD per token, and then it went even higher.

But here is the twist. Just when everyone thought they had struck gold, the price crashed from 2,861 USD to 0.007 USD in just five minutes. The developers disappeared with the money, leaving 40,000 investors empty-handed. This rug pull became one of the most infamous scams in crypto history.

Could the Show Have Borrowed from Real Life?

Who knows? Maybe one of the writers of Squid Game Season 2 was among the victims, which is why they included that storyline. I do not know if that is the case. But unfortunately, scams like this are far too common in the crypto world, especially in the meme coin and altcoin world.

A lot of these projects have zero real value. They rely purely on hype, flashy branding, celebrity or influencer endorsements, and aggressive marketing to lure people in. In the end, the creators take the money and vanish, leaving victims behind.

Three Lessons from the Squid Coin Rug Pull

Here are a few reminders from this ugly piece of history. I hope they help you avoid becoming the next victim.

Do not throw all your money into high risk projects, and never go all in. Investing is not gambling. Risk management is everything. Always diversify to minimize potential losses.
Do not blindly trust inside tips or celebrity endorsements. A lot of scams use influencers and so-called insider knowledge to create FOMO and reel people in. Even if a celebrity or influencer genuinely owns a token and promotes it, that does not mean the project is legit. Economists call this the endowment effect: people tend to overvalue what they already own. Once you buy something, you will be biased too. So whether it is a recommendation from a friend or advice from an expert, do not rely on it alone to make investment decisions.
Do your own research. Always research a project's background, the team behind it, and its actual value before investing. Do not blindly chase trends. Get into the specifics. Most importantly, approach investing with a calm and rational mindset. Do not let FOMO mess with your judgment. Learn to spot the real deals from the fakes, and always take steps to manage your risks.

Enjoy the Show, Keep Your Crypto Safe

The Squid Game storyline might seem over the top to some, but it reflects real situations in the crypto world. As you enjoy the show, keep these lessons in mind. Do not let yourself become the next victim of a rug pull.

I hope this helps at least one person. If it does, it was worth it. Tell me what you think about this Squid Game season in the comments, and merci.