Squid Game Developers Target SHIB

It has been one month since the world witnessed one of the most obvious scams in cryptocurrency history.  A token named SQUID dubbed after the popular show Squid Game – rose dramatically despite the internet’s plea to avoid it. The token crashed as the team stole the money, leaving a message stating their resignation on the basis of constant scammers and hackers targeting them. But, now there’s something suspicious with a SHIB purchase.

The stolen tokens have been tracked ever since. The former SQUID team used typical scammer tools in an attempt to hide the tokens but with the level of fame they received, many have persisted to track the funds.

Now a recent major purchase of SHIB has been traced back to the scammer’s wallet. The amount of SHIB purchased also matches the amount that was stolen from the former project. Many questions have been raised as to why these tokens have been purchased.

There are an incredible number of rumors circulating. Many believe these tokens have been purchased with a malicious intent to manipulate another project’s value. The wallet now holds 3.2bn SHIB, which is enough to drastically change the price of a token. Exchanges with little liquidity would be prone to manipulation by an account this large. 

Some others believe these tokens were purchased in an attempt to further hide the stolen funds. Stolen funds are typically blacklisted from all exchanges which makes them impossible to sell. The wallet that purchased the SHIB also ran these tokens through mixers in an attempt to hide them. The number of tokens purchased has a value of over $100m. This, however, has put the stolen funds back in the spotlight.

Time will tell what will happen next. The team behind Squid Token is being examined by authorities worldwide. Should the team be caught, these tokens will be sold to pay the victims of the scam. A sale of this much SHIB would be detrimental to the price which has been struggling in the past few weeks.

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Updated: 12/14/2021 — 05:00