Binance Opened Investigation into Squid Game Token

Binance has opened an investigation into the Squid Game token. Recently, the value of the Squid Game token was reset.

Binance, the world's largest exchange by volume, announced that it has started an investigation into the Squid Game token incident. Speaking to CoinDesk, a spokesperson for the exchange described the project as a fraud, emphasizing that the exchange would do its best to help those who suffered from the crash. In a statement, the spokesperson said that some steps will be taken to blacklist accounts linked to Squid Game token developers, including conducting blockchain analysis to identify these individuals. Binance also announced that it will share the information it has obtained on the subject with the security forces in the relevant jurisdictions. A Binance spokesperson stated that investors enter such projects without research in order to earn high profits in a short time: "The number of such scam projects has increased a lot lately. This is because people are looking for the next 'flying' project and when they think they find it, they can put money into the project without doing the necessary research..." The developers were found to be using a coin mixer called “tornado cash” to obscure their funds. In the statement made by Binance, it was reported that the funds can still be tracked. The value of the Squid Game token had depreciated by 99% within minutes in the past few days. The price had dropped from $2800 to zero. Squid token developers also announced that they left the project. It is estimated that the scammers got away with around $3 million in funding.