After earning as much as $3 million from investors, scammers from the cryptocurrency enterprise Squid Game vanished. Binance, a cryptocurrency exchange, is now looking for them and plans to prosecute them.
Binance, the world’s biggest cryptocurrency trading platform, has begun monitoring Squid Game fraudsters. The company’s intelligence unit gathers information that it wants to share with the services, assisting in capturing criminals.
According to a Binance spokeswoman, the business has expertise with such actions. He stated that the exchange blocklists fraudulent addresses and uses “blockchain analysis to detect them.”
As per the company, the fraudsters concealed their identities by using the Tornado Cashcryptocurrency hashing service.
Tornado Cash is an Ethereum-based, decentralized solution for transaction anonymization. In order to keep the money from being traced back to a single user, the platform performs a series of internal transactions.
There has been no response from the people who built Tornado Cash to Binance’s claim that criminals will abuse their platform. Although Binance has not said if it is collaborating with any specific agency, it has pledged that information would be sent to the “appropriate jurisdiction.”
The squid token scam was not the first crypto scam that has emerged. The cryptocurrency market has experienced a lot of turmoil in the past couple of years with new scams’ emergence. Scams in the crypto space are not exclusive to just one type of currency. There have been many instances where Initial Coin Offerings (ICOs) were created with the intention to scam people out of their money, promising them unrealistic returns on their investments.
An ongoing crypto scam has been targeting users of the messaging app Telegram. This scam involves impersonating the organization that offers rewards for discovering security vulnerabilities, notifying users of an upcoming token sale, and then asking for personal information or cryptocurrency.
The scammers are using a number of different approaches to send these messages, including the impersonation of the Squid Foundation. The largest number of these scams have been reported by Telegram users in Turkey, with reports also coming from Russia and Bangladesh.
Also Read: Binance Releases SHIB-DOGE Trading Pair