Binance is conducting an investigation into the SQUID token following the “terrible” crash earlier in the week

After the “terrifying” SQUID token incident, correct to the plot inspired by the hit Netflix film Squid Game, the world’s top cryptocurrency exchange Binance has begun conducting an investigation into this platform to help the victims.

Binance has officially confirmed that the SQUID task is a major scam. At the identical time, the exchange is exploring possibilities to assistance individuals harmed, like blacklisting addresses connected with developers and implementing blockchain analytics to determine terrible actors, triggering a lightning-speedy “dump” in much less than five seconds of the platform.

– See extra: Tokens based mostly on the Squid Game film skyrocketed, but there had been quite a few “suspicious” indications

Additionally, Binance will also give the findings and proof to law enforcement officials in the area for a ideal resolution. Although the SQUID task is implemented in accordance to the Play-to-Earn model on Binance Smart Chain (BSC), Binance emphasizes that BSC is an open supply ecosystem and for that reason the enterprise does not have the proper to oversee the tasks. Internet.

“These types of scam projects have become all too common in the DeFi space as cryptocurrency investors eagerly seek rapid growth with high returns without due diligence. Before making an investment decision.”

The price tag of the SQUID token has dropped to practically zero, and the developers declare they have abandoned the task. According to a leaked supply from Binance, the task crew seems to be utilizing Tornado Cash to cover their tracks. However, the injury is nevertheless there and it would seem that the chance of recovery is not possible. This is also a further situation of “awakening” for traders to “shady” tasks, which are absolutely driven by the FOMO wave and have no strong basis developed in the potential behind the platform.

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