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Binance launches bogus cryptocurrency investigation

The monumental success of Squid Game could only attract crooks of all kinds. And as often, the big scam of the moment is a cryptocurrency inspired by the Netflix series: investors have taken the hook and they are biting their fingers.

About two weeks ago, a new cryptocurrency was appeared on the market called SQUID. Based on the Binance Smart Chain blockchain, the token immediately sparked huge excitement, with its value exploding by 2,000% within days! It must be said that the crooks did things right: publication of a true-false “white paper” and a lot of promotion on social networks based on Squid Game.

A Binance survey

But crypto has nothing to do with Netflix’s phenomenon series. And from the start, the β€œgood deal” smelled bad: it was indeed possible to buy SQUID tokens, but not to sell them. And shortly after the meteoric price spike, the developers behind the crypto vanished from circulation, taking with them a nest egg of around $ 3.4 million.

From $ 2,860 per unit at the start of the week, SQUID fell back to zero shortly after. An investor lost $ 28,000 in the case… The exchange platform Binance launched its sleuths on the case: β€œ Our security team has launched an investigation – a gesture of goodwill – and is examining all options to support the community Β», Explains the company. Among the measures envisaged: blacklisting the addresses of portfolios linked to developers.

Binance recommends caution above all, noting that these kinds of scams have become all too common in the crypto industry, as investors tend to rush into the next so-called ‘bargain’ without doing the necessary checks. But despite the publicity around this story, SQUID continues to arouse interest: Google searches have multiplied to find out how to buy the cryptocurrency, whose price has climbed more than 600%!

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