People Are Still Buying Bogus SQUID Token Despite Scam Allegations

Infamous Netflix TV series Squid Game-inspired token SQUID is under fire among the crypto community due to allegations that it’s an alleged scam.

The fact that the founders’ information on the project’s official website is allegedly fake and that it claims to have inexistent partnerships with the streaming giant and Microsoft raised concerns about a fraudulent scheme. Even so, all the names of the listed founders on the site don’t appear on LinkedIn, which are also claimed to be well-known executives in the industry.

Red Flags

Also, the SQUID token plummeted to zero levels after pocketing 75,000% gains to reach levels around $2,800, having a daily trading volume of over $7 million during October 29.

However, holders could not sell their tokens on PancakeSwap, the only decentralized exchange where the crypto was listed, and even CoinMarketCap had to issue a warning note, cautioning people on the several reports about an alleged exit scam surrounding the project.

Days ago, the token’s website went offline after SQUIDGAME plunged to $0.01.

No word from the founders had been known nor updates about what would happen with the project, which is a common behavior from exit scams despite the team claiming that an anti-dumping technology backed SQUID.

Binance Took Actions Against SQUID Developers Accounts

A few hours ago, Binance, a major cryptocurrency exchange, announced that it had blacklisted Squid Game’s developer accounts amid reports that developers relied on coin mixers to cover their tracks.

“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,” a Binance spokesperson told Barrons.

Moreover, the exchange is seeking alternatives to help victims of the suspected scams, although some people still believe that SQUID could be a legit project. Transactional’s metrics unveil that crypto traders are still buying SQUID despite the scam’s claims.

Still, and interestingly, the token’s price is trading up 554.35% on the day, exchanging hands at around $0.1038 as of press time, with a market capitalization of over $71 million.