Binance Tracks Squid Game Scammers

After stealing $3 million in less than a second, the masterminds behind Squid rug pulling are likely enjoying the good life. Binance is making every effort to ensure that their party is short-lived.

Binance, the biggest cryptocurrency exchange platform, is monitoring the scammers. Barron’s reports that an intelligence team is currently auditing the blockchain and gathering information to give to authorities to help capture the fraudsters.

Binance Needs Scamers to Pay

Binance spokeswoman said that these strategies are very popular in crypto ecosystem and that they are working hard to trace funds and give authorities as many leads possible to find the culprits.

“(Binance) is blacklisting addresses affiliated with the developers and deploying blockchain analytics to identify the bad actors.”

According to the platform, fraudsters used Tornado Cash cryptocurrency mixing service Tornado Cash in order to conceal their identities.

Tornado Cash, a decentralized anonymization service for transactions that uses Ethereum, is called Tornado Cash. Tokens are sent by users, and Tornado Cash conducts internal transactions to ensure that funds cannot be traced back and are not associated with any particular identity.

Tornado Cash’s developers have not commented on Binance’s allegations that their platform was being used by criminals. Binance also did not say whether it was working in partnership with any agency, but said that it would give the information to the “appropriate authority.”

Binance is known for its history of fighting crime. It revealed in June 2021 that it had assisted authorities in identifying the criminal gang FANCYCAT, a hacking group responsible in ransomware attacks demanding payment in cryptocurrency.

Squid Game Token: Rise and Fall

$SQUID was the cryptocurrency for a project that was inspired by Netflix’s Squid Game.

According to the whitepaper of the project, participants would participate in multiple games and the winner would receive a very unique, but very valuable, cumulative prize.

People had to pay a fee to play. However, the token appreciated so much (over 100,000%), that the total entry fees reached $500K at their peak.

However, the community became alarmed when users reported that they were unable redeem their funds or sell their tokens a few days later.

A Telegram message would be posted in the Telegram community days later to mark the token’s passing. Take it easy and ignore the grammar.

“Squid Game Dev does not want to continue running the project as we are depressed from the scammers and is (sic) 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!”

The token crashed to almost zero at that point after the smart contract administrator had sold all tokens and vanished.

This is Crypto-verse, and some people don’t learn. It is a fraud and the token went to nearly zero. You can see the token’s performance over the past 12 hours. Here you go:

It seems like the and nearly differences are big enough to make some traders go 2X on their investment.