A very ugly kraken – Starting from nothing, rising to $ 2,861 and then falling back below the penny, the SQUID token of the Squid Game scam (usurping the name of the famous Netflix series that has gone viral) has generated a new big scandal in the cryptosphere. Since the scam took place on the Binance Smart Chain, Changpeng Zhao’s company got it a bit bad, and is launching a lawsuit against the squid scammers.
A SQUID token so sticky it was unsaleable
It’s not just in Netflix’s hit South Korean series, Squid Game, that participants play children’s games that turn into a death trap. A little too naive (or greedy, it depends) crypto-investors wanted to play budding speculators on the dubious project of SQUID token, and it all ended with a exit scam of the organizers, who left with the cash register.
According to one publication from the media Barron’s, the company behind the crypto-exchange Binance would have launched a great investigation on the drama of the SQUID token, in the hope of to recover – at least in part – extorted funds.
The spoofers of the Squid Game series name made it so that, through a clearly deliberate lack of liquidity, their SQUID token was cannot be resold on PacakeSwap – the main DEX of the Binance Smart Chain (BSC). A process that visibly pissed off Binance, whose image is dog-eared by the case:
“These types of scam projects have become far too common in the decentralized finance (DeFi) space. (…) Binance blacklisted wallet addresses affiliated with [faux] developers of SQUID, and deployed analytics specialists [des transactions] on blockchain to identify these bad actors. “
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Binance releases heavy artillery, but the squid is still moving
Binance investigators have already, in part, went up the track thieves, up to one mixer (mixer) of cryptos called Tornado Cash. The crypto-exchange representative reportedly said they are trying to trace transactions beyond this service, which shuffles crypto transactions for increase their anonymity.
These research teams plan to transmit the findings of their investigation to law enforcement in the “Appropriate jurisdiction”.
According to some estimates, the crooks behind this Squid Game version “Pump & Dump crypto” would have flown with no less than $ 3 million in cryptocurrencies.
The most dramatic in all of this? It is that despite the scam, some seem continue to buy and speculate on the SQUID ! In fact, its course has gone back from as low as 0.003 dollar to exchange values between 0.10 and 0.15 dollars in the last few hours before this article was written, according to data from CoinMarketCap.
A + 3000%, even + 5000%, while the corpse of the squid was left conspicuously dead by its rogue developers, it’s strong! But after all, the Shiba Inu (SHIB) is indeed in the Top 10 of the most valuable cryptos, while it is a parody of what was already a joke of the cryptosphere (Dogecoin). Let’s agree: nothing should surprise us anymore… and yet!
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