Binance Says It’s Trying To Hunt Down the Squid Game Crypto Token Scammers

An anonymous reader quotes a report from Markets Insider: Binance, one of the largest crypto exchanges, said on Thursday it has created a team of investigators to try and track down the Squid Game token scammers. The SQUID token which was inspired by the hit Korean-language series “Squid Game” on Netflix, rose from as little as $0.01 over the past weekend to almost $3,000 before crashing to $0 by Monday. The websites and socials that came with it also went offline, which indicated at the time that any potential scam was over.

The Binance team will be exploring options to support the community such as blacklisting affiliated addresses and “deploying blockchain analytics to identify the bad actors,” a spokesperson told Insider. Binance will also provide its findings to law enforcements in the relevant jurisdictions. “Our security team has launched an investigation — as a gesture of goodwill,” a Binance spokesperson told Insider in an emailed response. The scammers apparently fled with around $3 million.

“The truth is, SQUID won’t be the first or last DeFi scam,” said Binance CEO and co-founder Changpeng Zhao. “We’re entering a period of peak speculation-people are looking for the next get-rich-quick scheme, or 100X opportunity. The truth is, those 100X don’t come along 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.”