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Despite Binance Investigation, SQUID Token Grows by 600%

Despite Binance Investigation, SQUID Token Grows by 600%

Squid Game developer accounts have been blacklisted by Binance, which claims that the creators utilized coin mixers to hide their tracks.

Binance, the world’s largest cryptocurrency exchange, has initiated an investigation into the Squid Game token to track down funds that are connected to the recent spectacular 45,000% pump and dump.

As reported by the exchange, the Binance Smart Chain-based gaming token is doubted of being an exit scam or rug pull. Regardless of this, some overly hopeful users keep buying the token in the hopes of a comeback, with the price having increased sixfold in the last 24 hours.

Binance is trying to think of ways on how to help the investors who bought the token and lost out in this crash. 

It is said to be blacklisting developers’ addresses and using blockchain analytics to identify problematic actors. It aims to recoup funds that have been lost, however, this is not likely to happen. 

To disguise their transactions, the developers employed a coin mixer called Tornado Cash, according to Binance. Its security team is tracking those funds, explains a spokesperson for Barrons. 

They further add that such scam projects are nothing new in the DeFi space because crypto traders are interested to make big gains quickly. Moreover, they don’t do detailed research before investing in different new tokens.

Binance aims to inform the appropriate law enforcement agencies of its findings. According to Cointelegraph, token holders were unable to sell after the price of SQUID increased by more than 45,000% on Friday. 

At the time, industry experts noticed red flags, claiming it had all the hallmarks of a scam, including blocked social media accounts, anonymous developers, and a shady white paper. There were also many reports on the token by mainstream media which only increased the hype around it.

Within days, many clones of the coin and its social media channel surfaced, and the developers announced on the Telegram “Squid Game BSC” channel that they no longer wish to manage the project because they are feeling bad from the scammers and overloaded with worry. 

The token’s price plummeted by 99% when Twitter tagged its account as suspicious on Monday, wiping out gains from as high as $2,861 in a drop to around zero.

There is a warning now on the page of the CoinMarketCap tracker owned by Binance, where they emphasize that investors need to proceed with extra caution. This project is not linked with the original IP, while being inspired by the Netflix show of the same name, explains the page.

Interestingly enough, people keep on buying this token. According to CoinMarketCap, SQUID was trading at $0.038 at the time of writing, up 600% over the previous 24 hours.

Also Read: FC Barcelona and Ownix to Release NFTs of Soccer Highlights

 

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