Korean-language thriller ‘Squid Game’, released in September, became the most popular Netflix original show in any language, attracting more than 140 million households over the first four weeks of release.
Squid Game cryptocurrency scam under investigation by Binance.
The Squid game token was built on Binance Smart Chain (BSC). Though Binance has no obligations to it, as BSC is an open-source network that enables developers to build decentralized applications. What the applications are used for, is anybody’s guess.
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. There are so many types of Blockchain gaming tokens currently on market.
Binance has now stepped forward to take action against the scam. The exchange, in a recent statement, announced that it will investigate the crash of the Squid token. It cleared that it considers it a scam and that Binance will now explore options “to help those harmed” in the crash.
For this, the company will prevent any withdrawals from Binance accounts which were found to be linked to the scam. In a note to CoinDesk, it explains that it will use blockchain analytics “to identify the bad actors,” and will blacklist the addresses linked to them. More importantly, Binance will share all the information gathered through the investigation with the appropriate law enforcement agency.
It is easy money for scammers. The hype around cryptocurrency, especially when mixed with the trending topic of the digital space, makes crypto investors anxious to get in. The get-rich-quick instinct kicks in for many, having seen the meteoric rise of several cryptocurrencies in the recent few years.
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Squid Game crypto token – legit or scam?
Squid Game crypto token, which saw a rollercoaster ride since it was launched, emerged as the top gainer in the global cryptocurrency market on November 6, Saturday. This came days after many investors complained that they have lost millions in the apparent scam, as they could not sell their tokens.
Of course, crypto investors are more than often advised by experts to be careful while putting in their money on such purposely hyped cryptocurrencies. Binance reasserted this, as its spokesperson mentioned how such scam projects have become too common in the Decentralized finance (DeFi) space and suggested a caution against such schemes for the investors. Also, read about different types of cryptocurrencies.
Squid game token emerges as top Gainer.
Squid Game was the top gainer in the global crypto market, the data on the crypto tracking website showed. Over the last 24 hours, the value of one Squid token increased by 816.72 %. One token was priced at $0.6508, as per data. However, CoinMarketCap issued a warning amid the recent accusations of fraud against Squid Game token, after the prices surged. “We have received multiple reports that the website and socials are no longer functional & users are not able to sell this token in Pancakeswap. There is growing evidence that this project has rugged. Please do your own due diligence and exercise extreme caution. This project, while clearly inspired by the Netflix show of the same name, is NOT affiliated with the official IP,” it said.