Earlier this week, the cryptocurrency SQUID, inspired by the popular Netflix series Squid Game, aroused suspicions of fraud after its value fell by 99.99 percent and its website was shut down. Now the trading value of this Squid token has risen by 600 percent in the past 24 hours, as data from CoinMarketCap revealed on Thursday. Currently, despite an ongoing investigation into the potential “rug pull” case, the token is trading at $ 0.09295 (roughly 6 rupees). Currently, it is estimated that the anonymous creator (s) of this token have gone missing with around $ 3.3 million (roughly Rs 22 billion).
The rather shocking development comes at a time when Binance, the world’s largest crypto exchange, launched an investigation into the SQUID token, which has seen multiple growth over the past few days. The gaming altcoin was created on the Binance Smart Chain.
“Our security team is currently tracking these funds. These types of fraud projects have become all too common in the DeFi (decentralized finance) area, as speculative crypto investors looking for the next “moon shot” quickly invest in projects without carrying out the appropriate due diligence, “the news portal Barrons quoted one Binance spokesman as I said.
The website for the SQUID token was registered on October 12th and the white paper was published in the last week of October. The website of this white paper has stopped working for over three days.
The token was required by the players of the online version of Squid Game, which is based on the South Korean series that broke all viewer records on Netflix
Due to the popularity of the series, the SQUID tokens were received with open arms by fans.
Soon after, concerns about the legitimacy of this SQUID token grew violent as it only had the option to buy the cryptocurrency, but selling it was not an option.
Scam they give you the website for you to retire and the website will ask for your wallet seed phrase? !! What a scam. Now they just blocked me. https://t.co/IGIVMuewyG pic.twitter.com/S5YEMj2Q1F
– Michelle Jariol (@MichelleJariol) October 23, 2021
Details on the identity and location of the SQUID token creator (s) remain unknown.
As part of the ongoing investigation into the case, Binance will use its findings and information to help the responsible law enforcement authorities to get to the bottom of the matter.
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