After defrauding investors of $3 million, the Squid Game fraudsters vanished. Binance now seeks to apprehend them and bring them to justice.
The Squid rug pull’s masterminds are undoubtedly living the high life after taking almost $3 million in a matter of seconds. However, Binance is doing all possible to ensure that their celebration is brief.
Binance, the world’s biggest cryptocurrency trading platform, is on the lookout for fraudsters. According to Barron, an intelligence team is reviewing the blockchain and collecting data to send over to authorities in order to assist in apprehending the fraudsters.
A Binance spokesman said that these techniques had gained traction in the crypto industry in recent months and that they were assisting authorities in tracing the assets and providing as many leads as possible in identifying the culprits.
“(Binance) is blacklisting developers’ addresses and using blockchain analytics to detect rogue actors.” According to the site, scammers concealed their identities by using the bitcoin mixing tool Tornado Cash.
Tornado Cash is an Ethereum-based decentralized transaction anonymization service. Users transfer tokens, and the platform performs different internal processes to prevent payments from being tracked back to a specific person.
Tornado Cash’s creators have remained silent on social media in response to Binance’s charges that their network is being abused by criminals. Similarly, Binance did not specify if it was collaborating with any particular agency but said that it would turn over information to the “relevant jurisdiction.”
Binance has a track record of combating crime. In June 2021, it said that it aided police in identifying and apprehending members of the FANCYCAT criminal gang – a hacking outfit responsible for ransomware assaults demanding cryptocurrency payments.
As previously reported by Cryptopotato, $SQUID was the cryptocurrency for a project inspired by Netflix’s Squid Game. According to the project’s whitepaper, players would compete in a variety of games, with the winner receiving a one-of-a-kind yet very lucrative cumulative reward.
To participate, individuals were required to pay a registration fee, but the token appreciated so dramatically (over 100,000 percent) that the aggregate entrance costs neared $500K at its height.
However, just a few days after the project’s inception, the community expressed worry over allegations that users were unable to redeem or sell their tokens.
Days later, a Telegram message would announce the token’s demise. Bear with us and disregard the grammar: “Squid Game Dev has decided not to continue with the project since we are sad as a result of the fraudsters and are (sic) overwhelmed by stress. We must eliminate all limitations and transaction regulations associated with Squid Game. Squid Game’s community sovereignty will advance to a new level. Again, we apologize for any difficulty caused. If something unusual begins to emerge from it, disregard it. Thanks!”
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