Reportedly Binance exchange is helping government authorities to detain the scammers behind Squid token.
Recently few people launched Squid token on the BSC network and after that Squid token received a huge investment. Later, Team behind the Squid token sold all the tokens and claimed that they don’t want to run their crypto project anymore because they are facing a hacking attack. Few reports claimed that scammers stole more than $10 million, while some reports claimed that they stole $1 million.
In the past of the crypto industry, many similar scams took place e.g Kyc.legal ICO scam. But here the current situation of the crypto market is not open for scams, here big crypto platforms are helpful to bring a better ecosystem for crypto investors.
According to the intelligent team of Barron, Binance is investigating this matter. The expert team behind the Binance exchange will try their best to trace the transactions involved in the Squid token.
Reports also claimed that Binance found traces of the Squid token’s scammers with the Tornado Cash, a crypto mixing service.
A Spokesperson from the Binance exchange elaborated on this matter and said that such scams are popularly known ( ICO scams). Binance will help in tracing the scammers to hand over information to the government authorities.
“…we are blacklisting addresses affiliated with the developers and deploying blockchain analytics to identify the bad actors.”
Binance against crypto crime
On one side Binance is a popular global crypto exchange by volume, on other hand, Binance is the biggest crypto firm to help the government authorities to encounter crypto-related criminal activities. In June 2021, Binance helped the US agency to detain FANCYCAT, a ransomware attacker group.