Binance is investigating the SQUID token flash crash

On November 4, a Binance spokesperson revealed that the platform is investigating the SQUID token flash crash and believes that the incident was a scam.

Binance is exploring options to help victims, including: blacklisting addresses associated with the project, deploying blockchain analysis to identify bad actors, and reporting investigations to law enforcement officials in the jurisdiction.

Earlier news, the developer of Squid Game Token allegedly sold 70 million tokens and ran away, making a profit of $11.9 million. It is reported that because the developer behind the project sold its 70 million tokens on the market at a price of 22,328 BNB (11.9 million US dollars), the price of Squid Game Token fell from $2,856 to $0.00079 in a few seconds, almost to zero. (CoinDesk)