Earlier this week, the SQUID cryptocurrency, inspired by the popular Netflix series Squid Game, plunged 99.99 percent. This is after it raise suspicions of scam and its website was shut down. Now, the Squid token has increased its trading value by 600 percent over the past 24 hours. Data from CoinMarketCap showed on Thursday.
The coin is currently trading at $0.09295 (approximately Rs.6), despite the ongoing investigation into a possible “Rig Pull” case. For now, it is estimated that the unknown creator of this token has gone missing with around $3.3 million (approximately Rs 22 crore).
The rather shocking development comes at a time when Binance, the largest crypto exchange in the world, has launched an investigation into the SQUID token. This has seen manifold growth in recent days. The gaming altcoin Binance was built on Smart Chain.
“Our security team is currently tracing those funds. These types of scam projects have become very common in all Defi (decentralized finance) spaces. As speculative crypto investors looking for the next ‘moon shot’ are quick to invest in projects without due diligence,” news portal Barones said. Binance spokesperson quotes as saying.
The NS website registers for the SQUID token on 12 October. Its whitepaper releases in the last week of October. Its webpage white paper is running bad for more than three days.
The token need by players of the online version of Squid Games. It’s based on the South Korean series that broke all viewership records on Netflix
Due to the popularity of the chain, the SQUID token greets with open arms by fans.
Soon after, concerns grew about the validity of this SQUID token. As it only had an option to buy cryptocurrencies, but no option to sell them.
Tweets of Squid Cryptocurrency
— Michelle Jariol (@MichelleJariol) October 23, 2021
Details about the whereabouts as well as the identity of the SQUID token creator(s) remain unknown.
As part of the ongoing investigation into the matter, Binance will assist appropriate law enforcement agencies. With its findings and information to delve deeper into the matter.
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