Squid Game-inspired token surges 2,280% despite scam warnings.

The price of the SQUID token, launched after the popular Netflix series ‘Squid Game’, is rising again, despite a non-functional website and social media accounts, as well as warnings about a possible scam.

Binance is investigating the project’s activity, as it is built on Binance Smart Chain, Barrons representatives said.

Binance noted that the Squid Game activity resembles a Pump & Dump scheme and may constitute fraud.

The company said it had frozen accounts and blacklisted wallet addresses linked to the Squid Game developers. The exchange is also using blockchain-analytics tools to identify the perpetrators. Who is behind the project remains unknown.

Binance analysts suggested that the project team is using the Tornado Cash transaction-mixing service to launder funds. The exchange’s security team is currently tracing these assets.

The collected data will be handed over to law enforcement.

On Telegram, the Squid Game team wrote on November 1 that someone allegedly tried to hack the project, and announced the removal of all transaction restrictions.

Despite all this, and warnings of a possible scam on CoinMarketCap, the SQUID price is rising. Over the last 24 hours it has surged by 2,280% (as of writing).

Earlier, after the SQUID soared in price, investors at the time complained that they could not sell the tokens on PancakeSwap.

After the SQUID price rose to $2856 within a few minutes, it plummeted to $0.005.

According to many analysts, a so-called rug pull occurred. Preliminary estimates put the developers’ withdrawal of user funds at about $3.3 million.

Read ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analytics.