There has been a mind-boggling incident recently. The Squid Game Squid Game Token, which was developed based on its construction (SQUID), which experienced a rapid increase immediately after its market launch and increased by up to 45,000%. But then the developers of this token disappeared, and the token fell by 99% in a matter of minutes. Following this incident SQUID the token strangely went on the rise again and rose by over 2000%.
Squid Game Token Is Back on the Rise
The world’s largest crypto exchange Binance launched an investigation into the Squid Game token a few days ago to track the funds associated with the epic 45,000% increase and collapse.
According to Binance Binance Smart Chain based on the game token SQUIDit is suspected that the is a fraud or “Rug Pull”. Despite this, some extremely optimistic investors continue to buy the token in the hope of a new resurgence.
Binance is exploring options to help users who have purchased the token and lost their investments. So Binance in order to identify scammers and scammers who have blacklisted addresses linked to developers, blockchain he reported using his analytics. Although this seems a relatively remote possibility, he hopes to recover the lost funds.
Binance, to hide the actions of developers Tornado Cash he determined that they were using a crypto currency mixer called. “Our security team is currently monitoring these funds,” Binance spokesman Barrons said in a statement, adding the following statements;
“Since speculative crypto investors looking for the next ‘moon shot’ are investing quickly in projects without proper due diligence, such scam projects DeFi it has become very common in the field.”
Binance, plans to hand over the findings obtained as a result of its research to the appropriate law enforcement agencies.
The Squid Game (SQUID) Scam
SQUID price After more than 45,000% were pumped, the token holders reported that they could not sell on October 29. Industry observers raised red flags, saying that the project has all the signs of a scam, including closed social media accounts, anonymous developers and a suspicious white paper.
On the other hand, CoinMarketCap now welcomes users with a warning on the token’s page and includes the following statements in the warning.
“There is growing evidence that this project is not reliable. Please do your own due diligence and be extremely careful. This project is not tied to the official IP, although it is clearly inspired by the Netflix show of the same name.”
Remarkably, people still continue to invest in token. As of the moment the content was written SQUID According to data from CoinMarketCap, it continues to trade at $ 0.125, an increase of 2000% in the last 24 hours.