Squid Game cryptocurrency scam under investigation by Binance
India Today
Crypto exchange Binance has announced that it is working with developers to identify the bad actors involved with the recent Squid Game inspired cryptocurrency token, after the token creators siphoned off millions of dollars of investors money. The exchange also promised to share the information obtained from the investigation with the appropriate law enforcement agency.
As a goodwill gesture, cryptocurrency exchange Binance will now investigate the recent scam around the Squid crypto token that downed investors' money in an exit scam. The exchange has also announced ways in which it will prohibit accounts linked to the scam from its own network.
A cryptocurrency based on the popular Netflix series Squid Game recently gained interest among crypto investors, rallying to a peak value of $2,861 within a week of its launch. The currency soon dropped to about $0, as the creators of the cryptocurrency cashed out the tokens and left the project with no liquidity for any more trade. It is estimated that the creators managed to siphon off $3.38 million, or about Rs 25.3 crore, through the project.
