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Cryptocurrency Squid grows by 600 percent amid scam suspicion

This development comes at a time when popular crypto exchange Binance, initiated a probe into the Squid token and froze wallet addresses of the token developers.

Then Squid went on a roller-coaster ride. In a 10-minute span later on Monday, the token’s value grew from $628.33 to $2,856.65, according to CoinMarketCap, a crypto data tracking website. (Photo: Netflix)

Cryptocurrency Squid, inspired by hit South Korean series Squid Game, raised scam suspicions after its value plunged to nearly zero, and its website went offline. However, the trading value of this Squid token has now skyrocketed by 600 percent in the last 24 hours, data by CoinMarketCap revealed on Thursday.

This development comes at a time when popular crypto exchange Binance, initiated a probe into the Squid token and froze wallet addresses of the token developers.

At the time of writing this article, the Squid token is trading at $0.1012 (roughly Rs 7.5) despite an ongoing investigation into what’s called a potential “rug pull” case. A rug pull is a malicious maneuver in the cryptocurrency industry where crypto developers abandon a project and run away with investors’ funds. In the case of Squid crypto, it is estimated that the creators have vanished with $3.3 million (roughly Rs 22 crore).

Interestingly, after the Squid’s collapse the token’s website appeared to have been taken offline. Its social media channels appeared to have been shut down and its Twitter account is not accepting any direct messages or replies.

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“Our security team is currently tracing those funds. These types of scam projects have become all too common in the DeFi (decentralised finance) space as speculative crypto investors seeking the next ‘moon shot’ are quick to invest in projects without doing the appropriate due diligence,” Binance spokesperson told news portal Barrons.

Meanwhile, Binance will be helping appropriate law enforcement agencies with its findings and information to get to the depth of the matter.“We are deploying Blockchain analytics to identify the bad actors,” the exchange noted.

First published on: 04-11-2021 at 02:02:57 pm
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