Saturday, April 13, 2024

Binance is looking into the Squid Game Token and believes it is a scam

The Squid Game token has taken the crypto community by storm. Inspired by the popular Netflix show Squid Game, people cannot figure out the ins and outs of this cryptocurrency. The Squid token was at the extreme ends of volatility. Within a week, it surged 2,30,000%. While such a growth itself should have been a sign of warning, many were busy riding the high. However, it did not take much time for the low to strike. As of 3rd November, the value of the Squid token was $0.003227. People who jumped to the bandwagon lost considerable amounts of money. One investor from Shanghai lost all of his life’s savings in the Squid Token. It comes as a lesson to crypto investors, to never go all in without thought and be mindful of suspicious growths and falls.

Binance has taken a keen interest in the Squid token. Since it is built on the Binance Smart Chain (BSC), a team from Binance is looking into the token and investigating it. They are even considering putting the developers’ wallet addresses on their blacklist. However, Binance has not associated itself with the token in any manner. They have made it clear that the BSC is an open-source protocol and anyone can use it. Binance would not be responsible for what an anonymous developer creates. As sources claim now, Binance is suspecting foul play in the Squid token. Further investigation will lead to definite answers

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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