An investigation has been launched about an altcoin, Squid Game (SQUID) token, which has risen sharply in the past few days and then left investors idle. By Binance, the world’s largest cryptocurrency exchange by trading volume. Here are the details…
Binance explores SQUID
cryptocoin.com As a result, we talked about the Squid Game (SQUID) token, which has risen over 40,000 percent. The token, which later collapsed, was based on the Binance Smart Chain (BSC). The exchange suspects SQUID to be an “exit scam” or “rug pull” scam. However, some users continue to purchase the token. Binance’s officials said the exchange is exploring options to help those hurt. The exchange says it will also share its findings with law enforcement in the appropriate jurisdiction.
The play-to-win (P2E) SQUID protocol is built on Binance Smart Chain (BSC), but Binance stressed that BSC is an open-source ecosystem and therefore the company has no oversight over projects built on the network. “Such scam projects have become very common in the DeFi space, as speculative crypto investors looking for the next ‘buying coin projects’ are quick to invest in projects without proper due diligence,” the exchange official said. He said that token developers appear to be using Tornado Cash to cover their tracks. Earlier this week, the price of the SQUID token dropped to almost zero, and its developers said they were leaving the project.
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