Happened earlier this week Squid Game token After the scandal, the world’s leading crypto exchange Binanceannounced that it has launched an investigation to find those responsible.
A crowd of investors following this announcement of Binance $SQUID started buying. Believing that the Binance exchange would re-establish $SQUID, this audience made bulk purchases, increasing the price by 1000%. Two days ago, Binance Chain-based Squid Game token $SQUID received heavy criticism after its developers debuted with $3.3 million.
Following Binance’s investigation $SQUID 1000% increase in price did not go unnoticed. After Binance found those responsible and handed them over to the judicial authorities $SQUID Let’s see if these investors who believe that they will re-launch their tokens will be right.
The SQUID token skyrocketed over 300,000 percent to trade from $0.01 to $2,861 three days after launch. Squid Game, one of the local games of South Korea, became popular after the series published by Netflix. The fraudsters, who took advantage of this, created a token using the name of the game and the series. The token, which gained popularity in a short time, turned out to be nothing more than a scam project that was easily created on the public network. The scammers disappeared after making $3.3 million with this potential token.
It is known that around 40,000 people still own the Squid Game token, and these investors are unable to sell. Investors think Binance will resurrect the project.
An intelligence team from Binance was tasked with overseeing the blockchain. The collected information will be handed over to the authorities in hopes of catching the crooks.
As Binance points out, Squid Game developers likely used “coin mixer” Tornado Cash to hide their transactions. The exchange blacklists addresses associated with developers and uses blockchain analytics to identify them.