With the fallout from the Squid Game Token still fresh on investors’ minds, there are signs that the very same scammers are back to work with another heist this time targeting the meme sensation Shiba Inu.
A recent purchase of 3.2 trillion SHIB, valued at $125 million, was traced back to a wallet address that was identified to be holding stolen tokens, according to Etherscan, which has many investors questioning if the SHIB community is next in line for criminal manipulation.
The now notorious developers of the Squid Game Token made off with over $3 million of investors funds before the token’s collapse. The recent large transaction of SHIB was not only made using coins marked as stolen but the owner of the wallet that acquired over 3 Trillion SHIB also sent the stolen tokens to a crypto mixer application in an attempt to cover their tracks.
While nothing has been proven at this point, the associated wallet, which ends in “c802c” certainly seems to be associated with some type of criminal activity and the large purchase is very close to the sum of stolen funds that were taken from the Squid Game Token heist. If the recent SHIB purchase ends up being from the Squid Game Token scammers it would equate to a large portion of Shiba Inu’s circulating supply being held by individuals who have already manipulated the crypto market for personal gains and would be a huge red flag for anyone interested in buying into SHIB going forward. The initial large purchase has little chance of dropping the valuation of SHIB to zero, but does allow the owner a large amount of control over the market. The 3.3 trillion SHIB coins purchased represent about 50% of the daily trading volume of Shiba Inu and allows the user a degree of control over the meme token.
At the time of publication, SHIB has shown little impact from the recent purchase bit investors should keep their eyes open for any odd price movements and be on the lookout for potential manipulation.
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