thecoinrepublic.com
The largest cryptocurrency exchange platform of Binance is said to have launched an investigation on the recent happenings with the Squid Game token (SQUID) as it got involved with a massive pump and dump.
Binance has reason to believe that the token that is named after the massively popular Netflix series from South Korea is just another one of those rug pull/exit scam schemes. Further, the crypto exchange platform has blacklisted the Squid Game token developers as they claim that these individuals utilized coin mixers to hide traces of their activities.
Also, Binance is reported to be looking for avenues to help those who got punked by this 45,000 percent pump and dump. As mentioned, the platform has already blacklisted addresses that are connected to these developers, not to mention tapping the blockchain analytics to pinpoint the perpetrators. Through these, Binance is keeping their fingers crossed that the lost funds would be recovered, though such possibility is pretty much far-fetched.
Squid Game token devs’ M.O.
It was learned that these Squid Game token do-no-gooders utilized Tornado Cash which is a coin mixer to shroud their activities. Further, a representative from Binance stated that their security team is as of late on the hunt for those funds. Additionally, they also stated that such types of scam projects have grown to occur more often within the DeFi space as speculative crypto investors are on the lookout for the next “moon shot” which according to them are “quick to invest in projects without doing the appropriate due diligence.”
That said, Binance is reportedly planning to relay its findings to the proper authorities.
Red flags
For the uninitiated, on October 29, reports revealed that Squid Token owners were unable to sell after the token’s price surged at an insane rate of 45,000 percent. This signaled crypto observers to raise red flags during that time, adding that it all had the workings of a nefarious scam. Some of the signs that they noticed include anonymous developers, social media accounts getting shut down, and a dubious white paper.
Mainstream media outlets have also taken notice on this Squid Game token and fueled the hype even more. This has also ignited investors’ fear of missing out.
Albeit the huge mess the SQUID created, the coin is still up by over 500 percent in the last 24 hours and as of writing, Squid Game token’s price sits at $0.093.