Binance Says It Is Trying To Find Scammers Behind Squid Gaming Token

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Binance said it is trying to hunt down the scammers behind the Squid Game cryptocurrency.

news follows a year of regulatory disputes over the exchange.

Cryptocurrency exchange Binance said it is trying to track down those behind the squid game cryptocurrency scam that made $ 2 million, per Business Insider.

Binance said the team is “implementing blockchain analysis to identify bad actors,” according to a spokesperson.

“Our security team has launched an investigation, as a gesture of goodwill,” the spokesperson added in an email to Business Insider.

Changpeng Zhao, CEO of Binance, who is often called CZ, commented in a blog post. released earlier today.

«Why these scams are becoming more common as the DeFi space grows, I would like to take this opportunity to remind users that DeFi is not without risk and we hate to see someone lose their funds due to scams and other cybercrimes ”Said CZ.

Squid Game Scam

scam debuted on decentralized exchanges (DEX) PancakeSwap and DODO as the Binance Smart Chain token and reached an all-time high of $ 2,856 before the token-affiliated websites and platforms disappeared.

SQUID was launched using a game-to-win caral, which means that users could earn more tokens by playing a variety of games. To participate, users had to buy SQUID tokens.

token has been filled with significant red flags from the get-go, including the myriad of misspellings found on the website and the fake endorsements of big names like Elon Musk. Most alarming, however, is that users can buy SQUIDs, but not sell them.

On November 1, the project’s official channel wrote: “Squid Game Dev does not want to continue running the project because we are depressed by scammers and overwhelmed by stress. We must remove all restrictions and transaction rules from Squid Game. “

And with that, filming was complete. Now it appears that Binance will unmask the anonymous founders.

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This is not the first time that Binance has made a lot of self-generated buzz about its role in the downfall of criminal businesses.

Working with international law enforcement, Binance helped expose a gang of cybercriminals last month worth about $ 500 million.

“Our ongoing partnerships with law enforcement agencies, as well as blockchain and security analytics companies, will be a driving force in improving cybersecurity measures in the crypto industry in general,” Binance said in a statement at that time. moment.

However, Binance has also spent most of this year raising ire from financial services regulators around the world.

Binance’s regulatory disputes

For most of 2021, Binance has experienced a host of public disputes with regulators around the world.

Dutch and Japanese central bank A financial services agency issued alerts to consumers about the exchange. Cayman Islands Monetary Authority and the Italian Consob said that Binance was not licensed in their jurisdictions.

Malaysian Securities Commission has taken enforcement action against Binance for illegally operating in the country.

In the UK, the Financial Conduct Authority issued a notice to consumers on Binance Markets Limited (BML) in June and beyond in duplicate stating that the company could not be regulated after allegedly failing to provide background information on how the trade is organized. company and the Binance Group in general.

decipher He also repeatedly asked about how the Binance Group is organized, in August. We have yet to receive an answer.

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