Squid Game scam token creators buy $125M worth of SHIB turning into Shiba Inu whales

Squid Game scam token creators buy $125M worth of SHIB turning into Shiba Inu whales
10 months ago
2 mins read

Creators of the scam token Squid Game (SQUID) have become Shiba Inu (SHIB) whales. Apparently, the scammers have used their scam proceeds to buy SHIB tokens, a SHIBArmy‘s Twitter post says. 

According to the post, a purchase of 3 million SHIB tokens worth $125 million was traced back to a Squid Game wallet. The funds were first sent through several wallets, probably in an attempt to conceal its source. There were also several transactions that added up to the total sum of $125 million.

The SHIBArmy in the tweet expressed concerns that there may be a manipulator of the token market price with the arrival of the suspected Squid Game scammers. This has caused panic among some SHIB holders with concerns that the price may not fluctuate naturally anymore.

Investors fell victim to the Squid Game token scam

The sudden crash of the SQUID token was a major development in the crypto space as the token suddenly crashed to zero after a significant number of investors went in. This caused a major loss to thousands of investors, including a Shanghai man who lost his $28,000 life savings.

Prior to the event, Finbold had warned that several Squid Game investors were unable to sell their SQUID tokens. Despite the warning, more investors rushed to the token before the great crash. Just a few days later, the Squid Game cryptocurrency’s website went offline and the price went to zero in a flash. 

The Shiba Inu team hasn’t made any official statement on its Twitter handle concerning the discovery at the time of reporting. The price of the token also hasn’t been affected by the 3 trillion token purchase and continues to move in a tight range.

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Justinas Baltrusaitis

Justin crafts insightful data-driven stories on finance, banking, and digital assets. His reports were cited by many influential outlets globally like Forbes, Financial Times, CNBC, Bloomberg, Business Insider, Nasdaq.com, Investing.com, Reuters, among others.