Binance Is Now Investigating the Squid Game Crypto Scam

November 5, 2021 Blockchain

Crypto exchange Binance has announced that it is investigating SQUID, the Squid Game-themed cryptocurrency, and will turn over whatever information it uncovers to the appropriate law enforcement agency.

The news comes shortly after the token experienced a meteoric rise and swift market crash that saw investors lose millions of dollars—a surefire sign that the whole thing was a giant fraud.

“Our security team has launched an investigation – as a gesture of goodwill – and is exploring options to support the community,” said a Binance spokesperson, when reached for comment by Gizmodo. They added that they would be “blacklisting addresses to prevent withdrawals from Binance accounts linked to the scam and deploying blockchain analytics to identify the bad actors.”