Squid Game was a cultural and social phenomenon that swept across the world causing masses to binge the Netflix offering and inspiring a Squid Game Token that ended as poorly as Red Light, Green Light. As more details come to light regarding the Token associated with the killer game show, it’s a promising development to see Binance step up to the plate and take action against those responsible for the deception. In a recent statement to Barron’s, Binance commented that they were,
“deploying blockchain analytics to identify the bad actors.”
Binance was given a chance to take action and blacklist wallets associated with the developers when said addresses converted their ill gotten gains from $SQUID to $BNB leaving records on the Binance smartchain. The con continued as the Squid token developers used a mixing service called Tornado Cash to try to cover their tracks after converting their gains to $BNB, but Binance was still able to track down and freeze the swindlers’ wallets regardless.
The Squid Token developers have pulled a Keyser Söze and all but disappeared with over $3 million in $BNB. Their last communication was released on November 1st which can be found below in its original form;
“Someone is trying to hack our project these days. Not only the twitter account @GoGoSquidGame but also our smart contract. We are trying to protect it but the price is still abnormal. Squid Game Dev does not want to continue running the project as we are depressed from the scammers and is overwhelmed with stress. We have to remove all the restrictions and the transaction rules of Squid Game. Squid Game will enter a new stage of community autonomy.
Sorry again for any inconvenience been made for you. If any strange starts coming out of it, ignore it. Thanks!”
It’s a very promising and confidence-inspiring move to witness Binance step in and try to alleviate some of the pain and confusion associated with the Squid Token by shutting down wallets and reimbursing victims. Unfortunately, the recent scam is not the first nor will it be the last time a cryptocurrency has received a blackeye but it is incredibly gratifying to see Binance step in to mitigate some of the pain associated with the recent scam.
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