Cryptocurrency Squid is growing at 600 percent amid allegations of fraud
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This development comes at a time when the popular crypto exchange Binance, began investigating the squid token and freezing the wallet addresses of token developers.
Cryptocurrency Squid, sponsored by South Korea's hottest series Squid Game, has revealed allegations of fraud after its price dropped to almost zero, and its website was disconnected from the internet. However, the trading volume of Squid token has now risen by 600 percent in the last 24 hours, data on CoinMarketCap was revealed on Thursday.
This development comes at a time when the popular crypto exchange Binance, began investigating the squid token and freezing the wallet addresses of token developers.
At the time of writing, Squid token trades at $ 0,1012 (approximately Rs 7.5) despite ongoing investigations into the so-called "rugby pulling case". Rug pull pull is a cruel method in the cryptocurrency industry where crypto developers leave the project and run away with investor funds. In the case of squid crypto, it is estimated that the creators disappeared with $ 3.3 million (approximately Rs 22 crore).
Interestingly, after the squid crash the token website appeared to be offline. Its social media channels appear to be closed and its Twitter account does not receive direct messages or replies.
“Our security team is currently tracking the funds. These types of scam projects are becoming more common in the DeFi (fixed-income) area as speculative investors looking for a 'monthly shot' are quick to invest in projects without doing the right thing, "spokesman Binance told the Barrons news website.
In the meantime, Binance will be assisting relevant law enforcement agencies with their access and information to get to the bottom of the matter. "We're posting Blockchain stats to identify bad characters," the exchange said.
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