CoinDesk originally reports that Binance had decided to investigate SQUID. Representatives for the crypto exchange also told Gizmodo that its users should be wary of projects that are new and “high-risk.”
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“These types of scam projects have become all too common in the DeFi space as speculative crypto investors seeking the next ‘moon shot’ are quick to invest in projects without doing the appropriate due diligence,” the Binance spokesperson said. “Speculators seeking potentially unrealistic, high-risk “lambo” or “moon shot” opportunities should be wary of the risks of investing in new or unverified assets, whether in crypto or the securities markets.”
In what seems like a potential metaphor for cryptocurrency writ large, the fact that SQUID has crashed and is now visibly being investigated as fraud has not deterred droves of people from wanting to invest in it. Newsweek reports that, as of Thursday morning, people were still furiously Googling how to buy the coin, even though it’s not clear there’s anything left to invest in. Bafflingly, the cryptocurrency market index CoinMarketCap shows the value of the Squid Game coin has surged by 664% while warning that users can’t sell it and it’s an obvious scam.
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