Squid Game Crypto Scam Is Now Under Investigation by Binance

by -
Photo: MOHD RASFAN / AFP (Getty Images)

techno.rentetan.com – After soaring in value earlier this week, the currency based on Netflix’s violent drama quickly fell back to zero. People are, for whatever reason, still purchasing it. When it comes to the Squid Game-themed coin, Binance has said it will hand over any information it obtains to the relevant law enforcement body for investigation.

The announcement comes only a few days after the token suffered a rapid spike and subsequent market crash that resulted in investors losing millions of dollars.

To show goodwill, Binance’s security team has initiated an inquiry “and is investigating methods to help the community,” according to the company’s spokesman when Gizmodo reached out for comment. In addition, they stated that they will be “blacklisting addresses to prohibit withdrawals from Binance accounts related to the fraud and utilizing blockchain analytics to locate the rogue actors.”

Read more : $3,3 million was stolen from victims by cryptocurrency scam artists using the Squid Game

Law enforcement agencies would be notified of the findings of the Binance Investigations Team, they stated.

Over the course of a few days after its introduction, SQUID’s market value surged by more than 2,000 percent. In the show’s “battle royale,” debt-ridden players play dangerous children’s games for the opportunity to earn billions of won (Korea’s currency), which the token is based on.

On the Binance Smart Chain (BSC) and supported by anonymous developers who put out a badly written “white paper” and social media profiles aimed to promote the currency, the coin’s protocol was constructed.

In the last week or two, Gizmodo has pointed out that SQUID is clearly a hoax. One of the most obvious signs of shadiness was the fact that investors could put money into the coin but couldn’t get it back out. “Rug pull” exit scams, in which crypto project developers abruptly quit and walk away with their investors’ money, have been increasingly common in recent years.

On Monday, the coin reached a trading high of $2,860, then fell to zero. Later, some of the coin’s social media profiles went offline and the creators issued a post on Telegram stating they were abandoning the project. Investors appear to have lost $3.4 million to them.

As it turns out, the currency named after an episode on the dangers of unfettered capitalism is actually a money-sucking swindle. Investors, including one who allegedly lost $28,000 of his life savings, are said to have suffered enormous losses as a result of the collapse.

CoinDesk first reported that Binance was looking at SQUID. Crypto exchange representatives told Gizmodo that its consumers should avoid “high-risk” projects since they are “new.”

According to a Binance spokeswoman, “speculative crypto investors chasing the next’moon shot’ are fast to invest in initiatives without conducting the proper due diligence.” Risky “lambo” and “moon shot” investments should be avoided by investors looking for high-risk, unrealistic “lambo” or “moon shot” chances.”

Many individuals are still interested in investing in SQUID even though it has crashed and is currently being investigated for fraud. This looks like a metaphor for the cryptocurrency industry as a whole. At 8am on Thursday morning, Newsweek reported that individuals were still frantically Googling how to acquire the coin—despite the fact that there is little to invest in. An incredible 664 percent increase in coin value has been reported by CoinMarketCap, despite the cryptocurrency market index alerting users that they cannot sell their Squid Game tokens and that they are a hoax.