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The Token Made A 75,000% Bull Run, Followed By A Drop To $0

The crypto sector got shocked once again, as Squid Game token (SQUID) tumbled down to $0, as developers fled the project, claiming that someone was trying to hack the token contract and the corresponding Twitter account.

“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 by the scammers and are 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.“, the developers posted on their Telegram channel.

Meanwhile, Binance is undertaking an investigation around the token, since SQUID is deployed on Binance Smart Chain. However, despite the Binance investigation, SQUID is going through a massive price increase wave, increasing its price by over 1,000% due to buyers still accumulating SQUID in hopes of resurrection.

“These types of scam projects have become all too common in the DeFi space as speculative crypto investors seeking the next ‘moon shot’ are quick to invest in projects without doing the appropriate due diligence.” Binance representatives commented.

Binance has already frozen and blacklisted several of the developers’ wallet addresses because the developers converted their $SQUID to $BNB, which are on the Binance Smart Chain.

However, despite the alleged scammers attempting to mix their $BNB using a mixing service Binance was able to find their tracks anyway. The total amount of funds from the alleged rug pull are estimated to be over $3 million in BNB with the last response from them being on Monday, November 1st.

Meanwhile, Binance-owned crypto ranking service Coinmarketcap noted that “there is growing evidence that this project has rugged.”

“Please do your own due diligence and exercise extreme caution. This project, while clearly inspired by the Netflix show of the same name, is NOT affiliated with the official IP.” Coinmarketcap’s team added.

This is the latest development in the SQUID saga as the token crossed over $2,850 but dropped to near zero on Nov. 1, marking a 75,000% pump and dump scheme. Furthermore, SQUID founders claimed they were affiliated with the Netflix show as their official token partner.

CoinGecko, one of the leading crypto data providers to date, was also claimed to be a part of the SQUID partnership program, but CoinGecko co-founder Bobby Ong denied the information, stating that “SQUID did not meet our listing criteria, hence it will not be listed on CoinGecko. It’s most likely a scam.”

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