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.”