The fraud-oriented crypto money project Squid Game (SQUID), which has experienced a rise and fall of 45,000% in a short time, does not seem to be able to get rid of this event so easily. Binance, the world’s largest cryptocurrency exchange by trade volume, took action against the names behind the game-focused SQUID token released on the Binance SMart Chain network.
SQUID Team Under Review
The project, which turned out to be a planned rug pull, actually managed to attract thousands of investors, even though it had many questionable actions.
SQUID, which achieved a six-digit rise rate in 24 hours, experienced at least as fast a decline as predicted.
A spokesperson for blockchain analytics company Barrons said in a statement on the subject that scammers used Tornado Cash to smuggle funds, but some were tracked.
Barrons officials stated that these fraud-oriented projects are very common and they share the evidence they find with the authorities.
Binance cryptocurrency exchange also stated that it will hand over what it finds to the authorities as a result of its own investigation.
Although the SQUID token rose 45,000% in a short time, one of the reasons for this was that investors could not sell the tokens.
Now, the scammers who sold the tokens and reduced the value of the token to $ 0 in a short time were pursued. It is known that the team behind the token, which fell from $ 2,861 to almost $ 0, obtained funds of millions of dollars, and this situation also affected Turkey.
Posts on social media channels in Turkey on the day of that incident revealed that the SQUID project had many Turkish victims.