Cryptheory

24/7 crypto news, cryptocurrency meaning, guides, learning, #cryptohelpschildren

Squid Game scammers have turned in Shiba Inu whales

2 min read

 

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:

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.

How ASIC orders from institutional miners affect the price for terahash

Leave a Reply

Your email address will not be published.