Apparently, those responsible for Squid Game (SQUID), token inspired by the famous South Korean series, used the millions raised in the fraud to turn whales (large investors) of Shiba Inu (SHIB).
According to the Twitter account specializing in intercepting so-called whale movements, WhaleStats, on December 8th, someone bought 3 trillion SHIB tokens. In all, the buyer disbursed $125 million.
The funds sent went through several wallets, presumably in an attempt to conceal their origin. In addition, there were several different transactions.
The user identified as @r_SHIBArmy was one of the first to alert for the possibility:
Wormhole findings lol. Is the 3 trillion shib whale actually the squid game creators that scammed people. I followed the transactions it goes through so many wallets but the very first wallet it leaves a squid game wallet. Think we may have a manipulator. #SHIBArmy $SHIB pic.twitter.com/lRovlgqwsn
— r/SHIBArmy (@r_SHIBArmy) December 8, 2021
The fear on the part of the community is that, now, among the big holders of Shiba Inu are the scammers who can manipulate the market.
The Squid Game
The creators of the Squid Game token exploited the popularity of the Netflix television series to release SQUID, a token for a play-to-earn game. However, some users noticed that it was difficult to redeem tokens once purchased.
Rug pull was happened on Nov. 1 and the founders disappeared, making $3.4 million after a pump the day before took the token’s price from $38 to $2,800.