SQUID Token Worth Rises by 600 P.c Regardless of ‘Rug Pull’ Suspicions


Earlier this week, the SQUID cryptocurrency, impressed by widespread Netflix collection Squid Recreation, raised rip-off suspicions after its worth dipped by 99.99 p.c and its web site went defunct. Now, the buying and selling worth of this Squid token has soared by 600 p.c within the final 24 hours, information by CoinMarketCap revealed on Thursday. Presently, the token is buying and selling at $0.09295 (roughly Rs. 6) regardless of an ongoing investigation into the potential “rug pull” case. For now, it’s estimated that the nameless creator(s) of this token have vanished with round $3.3 million (roughly Rs. 22 crore).

The relatively surprising growth comes at a time when Binance, the biggest crypto trade on this planet, has initiated an inquiry into the SQUID token that witnessed multi-fold development in latest days. The gaming altcoin was created on the Binance Good Chain.

“Our safety staff is at the moment tracing these funds. Most of these rip-off tasks have turn out to be all too frequent within the DeFi (decentralised finance) house as speculative crypto traders in search of the subsequent ‘moon shot’ are fast to put money into tasks with out doing the suitable due diligence,” information portal Barrons quoted a Binance spokesperson as saying.

The web site for the SQUID token was registered on October 12 and its whitepaper was launched within the final week of October. The webpage of this whitepaper has been dysfunctional for over three days now.

The token was required by the gamers of the net model of Squid Recreation, based mostly on the South Korean collection that broke all viewership information on Netflix

Owing to the recognition of the collection, the SQUID tokens have been welcomed by followers with open arms.

Quickly after, considerations across the legitimacy of this SQUID token gained warmth as a result of it solely had the choice to buy the cryptocurrency, however promoting it was not a selection.

Particulars in regards to the identification in addition to the whereabouts of the SQUID token creator(s) stay unknown.

As a part of its ongoing investigation into the case, Binance might be serving to acceptable regulation enforcement companies with its findings and data to get to the depth of the matter. 

Serious about cryptocurrency? We talk about all issues crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Devices 360 podcast. Orbital is offered on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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