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Thursday, December 2, 2021

Squid Token Sees An Increase Of 600%

Binance, the largest exchange for crypto in the world, has already put together an investigation into the token of Squid Game to trace funds. This would be due to the epic pump and dump of 45,000% just a few days back.

The gaming token based on the Binance Smart Chain has been thought to be a part of an exit scam or rug pull as reported by Binance. Nevertheless, there are some extremely optimistic clients who have been buying the gaming token- all the while hoping that the token would see resurrection as the price surged by six times in the last 24 hours. 

Squid Token Could Be A Scam

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Binance, the crypto exchange, is currently exploring its vast options to help those that have purchased the Squid token, and then lost out in the price crash.

The exchange has also been reportedly blacklisting addresses that have a relationship with the developers- for which they have utilized the analytics of blockchain to identify the bad actors. The exchange will also hope of recovering lost funds- while this possibility seems quite remote. The crypto exchange has also analyzed that the developers might have used a coin mixer called Tornado Cash to obfuscate their transactions. 

On the 29th of October, Cointelegraph mentioned that most token holders were not able to sell after the price of the Squid token pumped more than 45,000%. Most of the observers of the industry have brought up red flags at that time where it was announced that the token showed all signs of a scam such as anonymous developers, closed social media accounts, and a suspect white paper. 

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Interestingly, people are still on the verge of purchasing Squid tokens. Currently, the token is trading upwards of 600% over the last 24 hours at $0.038 according to CMC.

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