Investors looking for the next “Moon Shot” back up the SQUID cryptocurrency, which has grown by 600 percent.

The SQUID cryptocurrency, which was inspired by the famous Netflix comedy Squid Game, sparked fraud concerns earlier this week when its value plummeted by 99.99 percent and its website went offline. According to CoinMarketCap statistics released on Thursday, the trade value of this Squid coin has increased by 600 percent in the previous 24 hours. Despite an ongoing investigation into the possible “rug pull” case, the token is now trading at $0.09295 (approximately Rs. 6). For the time being, the unknown creator(s) of this coin is said to have vanished with about $3.3 million (roughly Rs. 22 crores).

The stunning news comes as Binance, the world’s largest crypto exchange, has launched an investigation into the SQUID cryptocurrency, which has seen a multi-fold increase in recent days. The Binance Smart Chain was used to generate the gaming altcoin.

“Right now, our security team is tracing those funds.” “Scam enterprises have become all too frequent in the DeFi (decentralised finance) market as speculative crypto investors looking for the next’moon shot’ are fast to invest in companies without conducting the proper due diligence,” a Binance official told the news outlet, Barrons.

The SQUID token’s website was live on October 12th, and the whitepaper was launched in the last week of October. For the past three days, the whitepaper’s homepage has been unavailable.

Players in the online version of Squid Game, based on the South Korean series that shattered all Netflix viewership records, needed the token.

The SQUID tokens were warmly received by fans due to the popularity of the series.

Soon after, questions about the authenticity of the SQUID token arose, as it was the only way to buy the cryptocurrency and not the only way to sell it.

The identity of the creator(s) of the SQUID token, as well as their location, are unknown.

Binance will be assisting appropriate law enforcement agencies with its findings and information as part of its continuing investigation into the issue to get to the bottom of the situation.

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