Binance, one of the largest cryptocurrency exchanges, announced that it had formed an investigation team to track down squid game token scammers.
SQUID Rose Amidst Korean Series Hype
Inspired by Netflix’s popular Korean-language “Squid Game” series, the SQUID token rose from $0.01 last weekend to nearly $3,000 before dropping to $0 on Wednesday and Monday. The websites and social media that came with it also went offline. It was indicating by which point any potential scams were over.
A Binance spokesperson told Insider that the Binance team is blacklisting affiliate addresses and deploying blockchain analytics to identify the bad actors. Binance will also share results with law enforcement agencies in their respective jurisdictions.
A Binance spokesperson said in an email response: Our security team has launched an investigation as a gesture of goodwill.
The scammers fled with about $3 million. CNBC reported that, like many others, one person saw a headline documenting the Dogecoin-inspired surge in Shiba Inu and poured all of his savings into the coin. In a blog post on Thursday,
Binance CZ
Binance CEO and co-founder Changpeng Zhao-better known as CZ-said. The truth is, SQUID won’t be the first or last DeFi scam.
CZ has encouraged people to arm themselves with cryptographic knowledge. He noted that more new investors had entered the market over the past year than at any other time.
We’re entering a period of peak speculation where people are looking for the following get-rich-quick scheme or 100X opportunity. The truth is, those 100X don’t come along very often. And when they do, they usually come with a ton of risk. Sometimes so much so that the lines get blurred between investing and gambling, said CZ.
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