Analysts quantify investors’ losses from the ‘Squid Game’ token

Analysts from Crystal Blockchain, at ForkLog’s request, tracked the wallets of the Squid Game project’s organisers and calculated investors’ losses.

Experts analysed the movement of funds on two addresses linked to the Squid Game team.

One of them transferred all the coins to more than 22,700 BNB and, in 227 transactions, withdrew them via the Tornado Cash transaction-mixing service.

\”The total amount that went to Tornado Cash amounts to $12.64 million,\” the analysts say.

Second address, linked to the so-called rug pull of the Squid Game project, transferred 5,500 BNB to the mixing service in 55 transactions. The total amounted to more than $3 million.

Also, this wallet transferred 6,139 BNB to another address, from which 6,100 BNB were later sent to Tornado Cash in 61 transactions ($3.39 million). 39 BNB remains in this wallet.

Thus, the total value of funds sent to Tornado Cash wallets amounts to $19.08 million.

The price of the SQUID token rose rapidly in a short period, reaching $2856 at one point, and then plunged.

From the outset, many project-related aspects appeared suspicious — a lack of information about the team and the ability to comment on posts on social media, as well as user reports that tokens could not be sold.

On social media, the token’s creators said there had been hacking attempts and stated that the developers do not wish to continue running the project and are removing all transaction restrictions and rules.

Despite warnings of potential scam and the Squid Game site’s and social networks being down, the SQUID price has risen again.

Binance announced the freezing of accounts and blacklisting of wallet addresses associated with the Squid Game developers. Exchange specialists are conducting an investigation and warn that the project’s activity resembles a pump-and-dump scheme.

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