The price of the SQUID token, based on the popular Netflix series Squid Game, is growing again despite being a potential scam.
Thus, despite the fact that the project's website and social media accounts are down, users seem to be investing in the crypto.
In particular, over the past day, the token has grown by 2,280%.
It is worth noting that crypto exchange Binance is investigating the project's activities because the project has been developed on the Binance Smart Chain, representatives of the platform have told Barrons.
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Binance has highlighted it appears that the Squid Game's activities resemble those of a Pump & Dump scam.
The platform has announced it has frozen accounts and blacklisted wallet addresses associated with Squid Game developers. The exchange is also employing blockchain analysis tools in order to identify those responsible for the project, whose identity is still unknown.
Binance analysts have suggested the project team is using the transaction mixing service Tornado Cash to launder the funds raised.