A recent podcast series by a journalist and technologist tracks down the scammer behind the Squid Game altcoin project, which pulled over $3 million from investors in 2021.
Squid Game, let’s remember your ‘rug-pull’
cryptocoin.comIn 2021, at the height of the popular Korean Netflix series Squid Game, cryptocurrency scammers launched a token named after the program to increase and maximize sales. The move was so successful that even well-known media outlets such as the BBC, CNBC and Yahoo drew attention. As a result, the SQUID token skyrocketed to $2,860 and then dropped to zero, wiping $3.3 million from investors’ accounts.
Tracing altcoin scammer from a message
A recent podcast series by journalist Janhoi MacGregor and technologist Ciaran O’Connor sheds light on the scam. He gathered evidence of the scammer’s whereabouts and the need to recoup his victims’ total financial loss of $16 million. On the podcast, McGregor said he spoke to scam victims on Telegram and received a video of them showing the alleged ‘rug-pull’ occurring in real time on a computer monitor. There was a caption that looked like the name of one of the suspects, and it carried the message:
Thank you for making me rich.
O’Connor confirmed the authenticity of the video by examining the metadata and confirming that the video was shot when the ‘rug-pull’ action occurred.
Scammers have a history too!
Later, McGregor and O’Connor discovered that the creators of the Squid Scam had performed a smaller, nearly identical scam as a pen-test just weeks before Squid.
Moreover, podcasters discovered that a random law firm offered to sue the Squid scammers but later disappeared with the monies. They suggested that these scammers could be the same ones who robbed people. In addition, a few days before the scammers disappeared, a Reddit profile was created to promote the website and warn users of possible fraud. While checking out the provider and domain name company, McGregor and O’Connor approached the tip. Podcasters got two email addresses, an IP address, two phone numbers, a real physical address, and even a name.
Publishers try to meet altcoin scammer
McGregor and O’Connor pinged the emails they received, and one came up with their real name. The person who opened it lived in Hong Kong with 86% certainty. The suspect’s name has been reported to be linked to various scams since 2013. They also established a technology company in Guangdong, China, in April 2021. Interestingly, the company filed for termination just days after podcasters tried to contact the alleged scammer.
McGregor then tracked down a specific office building associated with the person and decided to enlist the help of a local reporter. Together they tried to meet the scammer face to face. But they couldn’t find anyone except a security guard who said he was there six months ago on a tip-off from the police. MacGregor made further efforts to call the registered phone number in Guangdong, but the person who answered the call denied everything. In the end, the podcasters, fearful for their safety, decided to disclose their discovery to the police and hand over the rest of the investigation.
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