"How to Buy Squid Game Token" searches are still trending on Google. It comes even as Binance is now investigating the cryptocurrency scam after its owners ran off to steal millions of dollars, which plummeted the price of SQUID.
'How to Buy Squid Game Token' Google Search
As per the report by Newsweek, online folks continue to search how to buy the latest crypto scam on Google, the trends tool of the search engine giant showed.
However, it is to note that upon entering the said search query keyword on Google, multiple news stories promptly show up in the result, warning that the Squid Game crypto token is a mere scam.
Squid Game Crypto Token Scam
The crypto token that goes by the name SQUID, as it presents itself as a Squid Game-themed digital asset, caught the attention of mainstream media after its price meteorically ballooned.
To be precise, CNBC reported that the single-day price increase of the Squid Game crypto went up by about 2,400%. The price of the token skyrocketed from $0.1 to $2.22.
On top of that, the market capitalization of the SQUID crypto also saw a massive increase, which garnered a whopping price of $174 million during the day that it went up to $2.22.
But shortly after its impressive price stint, as it capitalized on the hype of the hit series of Netflix, the anonymous owners of the crypto ran off to cash out all of their holdings.
As such, as per the news story by Gizmodo, the value of the said crypto token ends up being zero. What's more, the chain of social media presence that the creators of the SQUID made to promote the scam also vanished into thin air.
By estimates, the minds behind the crypto scam must have taken away around $3.4 million from the money of the investors.
Read Also : Squid Game App Laced with 'Joker' Malware | Cybersecurity Researcher Warns Users of Access to Hackers
Binance Investigates Squid Game Crypto Scam
That said, Binance decided to carry out an investigation on the crypto scam that saw a meteoric price increase "as a gesture of goodwill," the spokesperson of the crypto exchange platform told Gizmodo in the same report.
The crypto firm went on to add that "the Binance Investigation Team will be providing their findings to law enforcement in the appropriate jurisdiction."
Aside from Binance's investigation on the latest crypto scam, the platform is also "blacklisting addresses to prevent withdrawals" from accounts that may have been connected with the criminal minds behind the massive fraud.
Related Article : Netflix Rejects South Korean Firm's Internet Fee Demand After 'Squid Game' Hit-Here's Why
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Written by Teejay Boris
