Squid Game? More like Scam Game: A roundup
The recent crypto scam isn’t the only one
Story byIoanna Lykiardopoulou
Ioanna is a writer at TNW. She covers the full spectrum of the European tech ecosystem, with a particular interest in startups, sustainabili(show all)Ioanna is a writer at TNW. She covers the full spectrum of the European tech ecosystem, with a particular interest in startups, sustainability, green tech, AI, and EU policy. With a background in the humanities, she has a soft spot for social impact-enabling technologies.
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1. The crypto scam
A cryptocurrency inspired by the show lured enough investors to see its value rocketing to$2,856just a few days after its launch on October 20. In fact, it jumped310,000%in value last Sunday.
And then suddenly on Monday morning, the digital token collapsed after Twitterflaggedthe cryptocurrency’s account and temporarily blocked it due to “suspicious activity.”
And guess what. The token’s website and social accounts have disappeared.
According toGizmodo, the scammers behind Squid seem to have made it off with an estimated $3.38 million. Well, that’s not equal to the $38 million (45.6 billion won) the actual Squid Game was offering, but it’scertainly enough for a comfortable life.
In the crypto word this type of scam is know as a “rug pull” or “pump and dump” scam. It’s basically when a token’s creators abandon a project, cash out the investor’s fund, and… run away.
Jake Moore,Cybersecurity Specialist at global cybersecurity firm,ESET, told us:
The Squid was presented as a pay-to-play token for an online game based on the show. Naturally the game’s website, SquidGame.cash, has also disappeared. You can find an archived versionhere.
While there weremany signsthat Squid was a scam, unfortunately the frenzy over the show enabled the cybercriminals to get away with some big money.
2. Joker malware detected in Squid Game app on Google Play
The so-called Joker malware is basically a Trojan malware that infiltrates users’ devices through an infected application. It then collects and stores data from the device, and uses them to make premium subscriptions without the users’ knowledge or consent.
The malware was spotted by Lukas Stefanko,Malware Researcher at ESET, in an application called “Squid Wallpaper 4K HD.”
Google has removed the app from Play Store, but as Stefanko has also pointed out there are more than 200 Squid Game-related apps, which means an equal number of scam opportunities.
3. Fraudulent streaming sites
Cybersecurity firmKasperksyhas also spotted various scams. An example are fake streamingwebsites that harvest data, or pirated episode downloads packed with malware.
According to the company’sreport, those downloads can install malicious files — mostly in the form of Trojans — on Windows systems and even steal passwords or other sensitive information. And in some cases:
4. Phishing schemes in fake online games
Kaspersky has found several websites that invite visitors to play online versions of the Squid Game in order to “win” prizes in crypto such as 100 Binance coins (approximately $48,000).
Yes, Binance that’s stillunder investigationby the U.S. Department of Justice and the Internal Revenue Service fortax evasionandmoney laundering.
Players are required to sign up, which means to provide personal data,which can result in cybercrimes like identity theft.
5. Fake Squid Game online stores
This is my favorite. As it turns out, there are fraudulent Squid Game merchandize online stores, and the most ‘successful’ ones are those selling Halloween costumes inspired by the show.
According to the report:
So again, consumers risk losing their money and turning over personal information.
6. “Season two frenzy” scams
Another cybersecurity firm, Proofpoint,has warnedabout numerous “season two” scams. And let’s keep in mind here that neither Netflix, nor the show’s creatorHwang Dong-hyuk have confirmed a second season.
Proofpoint reports that thousands of fans, mainly in the US, have been hit with an email asking them to fill out an attached Excel document for access… to season two. It says:
If the document is downloaded, the device gets infected with aDridex Trojan virus(which mainly targets banking information) and a series of other ransomware and malware.
And if that’s not enough, there’s another email going round asking people to register their interest toauditionfor the show’s next season. You know what’s coming — attached is an Excel spreadsheet.
One word to say for both: phishing.
I think I speak for everyone when I say “no, scammers, we’re not gonna playSquidScam Game!”
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