Binance Is Investigating Squid Recreation Token, Considers It a Rip-off

Crypto trade Binance is investigating the SQUID token crash and considers it a rip-off, an organization spokesperson confirmed to CoinDesk.

  • Binance is exploring choices to assist these harmed, together with “blacklisting addresses affiliated with the builders and deploying blockchain analytics to establish the unhealthy actors,” the spokesperson mentioned.
  • Binance may even present their findings to legislation enforcement officers within the applicable jurisdiction.
  • The play-to-earn SQUID protocol is constructed on Binance Good Chain (BSC), however Binance emphasised that BSC is an open-source ecosystem and so the corporate doesn’t have oversight over initiatives constructed on the community.
  • “A majority of these rip-off initiatives have turn into all too frequent within the DeFi house as speculative crypto traders looking for the following ‘moon shot’ are fast to put money into initiatives with out doing the suitable due diligence,” the spokesperson mentioned.
  • As reported earlier this week by CoinDesk, the value of the SQUID token has crashed to almost zero and its builders have mentioned they’ve left the mission.
  • Barron’s first reported on the investigation. The token’s builders seem like utilizing Twister Money to cowl their tracks, Binance instructed Barron’s.

Learn extra: Play-to-Earn Squid Token Rockets 35,000% in 3 Days; Some Customers Unable to Promote It

UPDATE (Nov. 3, 21:39 UTC): Up to date to incorporate affirmation and statements from Binance.

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