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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.

Official Tweet Link: https://twitter.com/r_SHIBArmy/status/1468683128323678216?s=20

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.

Source Link: https://finbold.com/squid-game-scam-token-creators-buy-125m-worth-of-shib/

One group of scammer is investing on another group of scammers! Honestly that's how I see the situation! Both Squid game and Shiba Inu tokens have flourished on hype without any actual use case. Squid game was a pre planned scam and Shiba Inu os waiting to be a scam!

Meme coins shouldn't have existed at the first place! But unfortunately, the number of meme coins is increasing like anything which are certainly providing the money launderers a much needed Avenue. This shit needs to stop from crypto market for greater good!

this is shocking news, the developers of squid scam coin openly invest with the money they scam. what a shameless cheater!

I wouldn't call Shiba Inu a scam and I don't think they will become one. Don't get me wrong, I don't like this whole memecoin movement and a lot of people will loose money when investing these coins. I am afraid we need to have a very long bear market and then maybe 50% of all these useless coins will hopefully stop to exist.

What a big LOL.

Hopefully, the developers of shib would do the same as Tether to these scammers that they would freeze their funds.

At least the victims would get some justice for what they did.

There's not much that people can do about it anyway, unless of course they employ the help of law enforcement in order to freeze those funds and put the creators of the coin behind bars (which we know is highly unlikely). The developers of SHIB can't do much about it, and they surely can't freeze those assets as it will just show that they can control the coins at their own will. They can only rant and be upset about what happened, but unfortunately that's how crypto works.

This one is funny, while "ELON" keep tweet to make the price is reach. We all know, the "SHIBA INU" is growing not naturally because only a tweet from ELON

They should compare with market-cap of the token itself, this is kinda small based on the marketcap. Just like bitcoin while some whale from old miner 2009-2010 who have 500-1000 BTC people are panicked and scare the market gonna be dump.

But the reality even dumped instantly, the order book or price is gonna to back up really fast.

There are trying to liquidate the money for sure though buying SHIB will make them more rich especially if the price goes up. That scammer will never succeed in life, Karma will hit them so let time work on this. If they have the real identity, hopefully someone will file a case against them, they are really greedy.

So it turns out that SHIB would be centralized ? For sure it would crash  its price on  the time that it does have happen on where  the community does know
that it could be possibly be done.

For now  there's nothing we can do but to deal with it if those SQUID scammers did really put their scammed funds into this coin?

They could pull it off all they can everytime they do want neither going for profits or simply trying to mix those coins  out.

I bought Sqide token & finally loss money.Now they are in market.Not good news.Crypto is very risky market I think that.

Are you sure about this? It seems like the article was giving a wrong calculation. 3 millions shiba inu worth 125 millions USD? How is it possible?
it's quite strange to hear that from shib holders. Is not it this token pump and dump token? The movement of the price will never be natural.
That's why the scammer must be traced and then jailed. They lack of actions against this scammer. Im feeling that if this could be a disaster for anyone who see their money be used to bought shiba.

Those who are enthusiasts of Shiba Inu and treating it as a next Doge that price can reach over $0.1 soon should now think twice.

Shiba Inu already has lots of whales and one of them is big scammer. With their actions, they can dictate whether they can crash the price or hype it. The speculation about Shinu reaching $0.1 to a dream price of $1 won't happen and I'm sure of that.

Don't make an unrealistic target and stay close to realistic so you won't be hurt.

Oh well, if proven this Shiba should freeze that account of Squid games scammers and then help to distribute it back to the people who gets scammed.

However, this is scammers to scammers so we don't know if they are going to help each other, Lol.

In any case, this Squid game creators should really be put in jail for running investors money and hopefully they can be still caught in the future.

It feels really bad when I hear issue of people investing their life savings into cryptocurrency. I won't be bothered if one invests his life savings into real estate because the risk factor is low, but in crypto it's a NO NO. I wish more people would know this and choose better. The squid game creator did a very bad scam and should be made to face the law.

Yes, I agree, it's really the sad state of cryptocurrency, scammers are just all over the place and you can't really identify them until it's too late and it brings bad light to the whole market itself.

I think they really did a good job of hiding their true intentions in the beginning and riding the hype of squid games that time and many fall for it. And then boom, they are gone with one of the biggest loot for this year.

Actually, Shiba Inu is building a strong community and is going to create its own metaverse, so actually, this investment is not very unreasonable. What is more, I know that they have earned much more on their scam and they didn't invest the whole sum in Shiba, so apparently they will diversify their money between different projects.

I also often wonder why the average newbie prefers the less popular tokens over the more popular tokens, and after they lose their money, they say cryptocurrencies are very risky and all the same  ;D

I haven't seen that much of an increase in Shiba price lately to be honest. I mean sure they probably bought it if people checked and tracked it back to them, there is no doubt about that. However, that doesn't mean that it was all done together, I am pretty sure they found a way to do it without raising suspicion. Think about it, a token like shiba getting 125 million dollars all at once and not moving up like crazy? It should have been a HUGE increase if you ask me.

But look at the chart of shiba, there is no huge spike anywhere, in the last 1 month there has been just one increase and that was during last day of October which everything else had a great day too. Wonder how they managed to slide that by and only figured out after the fact and not during.

Lol im a bit surprised to see that after i was seeing scammer was preferring to put hacked amounts of money into the top coins rather than bet into the another garbage coin. Im feeling curious about how much already raised by the scammers from rugpulling squid game cash. As far as i know he was only getting 2 millions USD and what the heck was wrong with that news if the scammer has more than 125 millions USD worth of money that he got from rugpulling squid game. As far as i remember that if the liquidity on squid game cash was not so big even the price already pumped so hard but it doesn't contain more than 100 millions money on its liquidity pool. That would be interesting to see that how much money that stolen by this scammer. I know those who got rugpulled are feeling sad coz they were making the scammers to be the whale of shib right now.

I don't know who to blame especially that investors who lose $28,000 life savings. What in world they will invest in that kind of name. Squid Game token is not even an attractive name and copying a name from a TV series is like they are just treating the coin with a joke. But what happened already happened.

Scammers won't be stopped as they can still even fall people into a trap on that kind of joke name. And now they enter Shibu, the market will be shaken once they sold all their coins leaving those low investors being dragged away.

I dont know why but seems i do aggree with you about Meme coins shouldn't have existed at the first place! but as you can see there is bunch of it

i mean i still okay with some memecoin with development and updated roadmap but big no with create token to rugpulling like Squid Game dangg

I am not surprised at all with this development...am sure these scammers have been planning this all along to fool people to invest with their trendy (using the motif of Squid Game) so that at a a certain time they can run away with the millions of dollars they sucked in and then eventually use the money to buy another digital asset in a way laundering their gains. Unfortunately, this might not have been the first to have done this and for sure will not be the last. The saddest part is that there is nothing we can do even if we know and there are evidence to the effect. Or can we?

I'm just giving my opinion and not any fact about its centralization.

That's what they're doing, they'll just trade it for every possible coin that they want so that it wouldn't leave their trace if there are victims and tracers that are trying to follow the path of those scam funds.

This story doesn't surprise me, but it shows the downsides of the lack of regulations. For one, I'm sure the token had nothing to do with the famous show and its creators, so if it were anything other than a crypto project, it would be illegal to use it at all due to copyright. It's surely the reputation of the show and its popularity that brought the investors to this project, and I really wish there was more oversight when it comes to ICOs and other similar things because these scams spoil the reputation of the market as a whole. As for SHIB, I don't care what happens to it, as it's just highly speculative, but it's not an outright scam.

Agree with that suggestion if the Shiba Inu developers are good enough they must do that as a return favor for the crypto community acceptance for Shiba Inu, now is the best time to do that gesture because Shiba Inu now is one of the most popular meme tokens in the market. $125Million was a huge sum of money so they must do that asap.

If you are worried about what can be done in crypto due to not being regulated, then you do not want to check what is going on with the fiat world even when it is regulated. Rich and powerful are making insane returns right now and they are doing every illegal thing in the book while still getting away with it or at least getting punished very little.

Do you really believe that all those drug dealers and rich mafia bosses do not deal with the banks? They are so much intertwined that we have seen banks get penalties for working with them and then keep working with them because penalty was lower fee than what they were making with those illegal people.

Regulations do not stop scammers or bad people, they just make them bribe the right powerful people. If this Squid game scam happened in the fiat world, we would not see them jailed, we would see them bribing politicians millions of dollars and get away with it.

I still don't understand how people manage to invest money on that project without thinking a bit, immediately I saw the squid coin project I knew there is something fishy, the movie has just been launched in the cinema and already we have the token, somebody wants quick grab money and they succeed in fooling a lot of people into buying in that scam project, I hope shiba don't turn out to be same someday.

are they planning to destroy the meme coins by profiting privately? this is very funny and at the same time makes shiba holders anxious :D
How not, what he has done to Squid is proof that he only wants profit unilaterally without thinking about others.
meme coins might be one of the most appropriate tools for them and shiba holders should be careful with this

But we don't know if they'll do something like that.

Is shiba centralized or decentralized? well, the intervention of the developers might lead them to unknown result.

Anyway, it's just a thought that came to my mind which will surely satisfy the victims.

That's crazy and funny. But I guess it makes sense, they can't cash that much out anyway, so they might as well pump their own holdings.

Imagine leverage longing Shib and then suddenly some dudes buys a hundred million? I bet they did that with a group. And sooner or later, they're gonna short and dump.

I wonder if Binance will look at people who longed and shorted right before such event.

Authorities can trace these people if they trade on a centralized exchange like Binance, they can only trade in a decentralized environment but if they trade in a place where there is a way to track their identity they will be in big trouble, now that they are investing it will be easy for them to catch hopefully the authorities have all the tools to track their activity, catch them, prosecute them and put them to jail.

If they can trace back the address to squid game scammers, then, I don't think they can trade in binance freely as binance has compulsory KYC now. So if they can identify those addresses to squid game project, binance can easily get the names of those individuals because of KYC. That is, if those people are trading in binance but if in another exchange without KYC, I don't think we can get the names of those scammers. They definitely know how to evade authorities if we are talking millions of dollars. Because if they will cash out, they have to provide KYC if they will not use p2p exchange. So right now, they are converting to other alts up until people already forgotten this rug pull.

This is utterly ridiculous.

But this could also be the ultimate karma given that they are investing in another worthless token that is primed to dump.

Hopefully the authorities do track them down and punish them for this. Because what they did to their investors is definitely illegal even though proper DD was not carried out from the investor's part.

Actually we can't call it karma as shib is a top notch coin now. Yes it is a shitcoin but we can't expect it to be completely shitcoin as it listed on top markets and even on coinbase. The scammer is a genius, but I do hope shib can do something about it. They can track the user probably and cooperate with the authority to at least have some monitoring on the wallet they used to purchase shib from scam money.

I don’t know why people keep on making this same mistake all the time, Despite that it is clear that cryptocurrency investment is a big risk. Apart from the fact that you might likely be walking into a scam, the fact that you’re also about to take a risk even if the project is legit, because the market fluctuates, that should be enough to make you think twice about how much you are investing in that asset. How could someone be investing their life savings in a volatile market? That's honestly ridiculous when lots of awareness guides are available across this forum and everywhere of internet.

So that mean shiba inu will be manipulated so easy because of that reason? I mean literally a rug pull after the hype like what happened to the squidgame token.? That's scary tho.. Lol  i see shiba makes small pumps maybe that's a legit news..it will be skeptical now for sure and probably next year is the year that shiba will become one of the shitcoins in the market.  :D

If that's really what happened then that's a red flag to SHIB. Imagine another hype around meme tokens and SHIB pump 100%, you don't know when the scammers will pull $200+ million worth of tokens. It's going to be a bloodbath and the token will crashed, probably die because of this.

What I can see here is that they are trying to get rid of money even though shib will make them richer especially if the price goes up.  After that they will never be successful.
One day they will have to suffer the consequences of their deeds so I think it is not right for them to do it

I also really wonder why anyone can completely believe what other people say about a meme coin that is obviously only useful for a short time, because I don't see any meme tokens that are useful in the long term.

I'm not surprised by this. This kind of meme coin is certain to go up for no apparent reason and only empty pumps by a large group of people or communities and then left behind. Maybe Shiba can be said to be the same because they also became big because of the community and this is dangerous if filled by whales who will only give a scam.

Maybe those who believed that investing on such coin, even with the fact that it is being considered as a meme coin or has any other issue, are the people who are attempting to go with the flow of the trend and take advantage of it after some time. Unfortunately, they were preceded by those of the management with their real intention behind launching the coin.

Yeah people are fond of making this mistake, because they all want to get rich overnight, so they go all out and invest everything they have, without caring if it’s a scam or not.  Even if I am going to take such a risk, it should be with Bitcoin, and not just any random coin. Because, if I invest my life savings in bitcoin, I know for sure that it would continue to increase in value, no matter how long.

I feel sorry for those that lost their money though in squid game scam. At least from here after they must learn lessons from such incident hence in future they will avoid all planned scams.

It's just so disappointing that Squid game token investor's hard earned money are just being used by scammers to manipulate another coin. I hope that they could pay for this crime in other ways though that's quite impossible in crypto industry. I don't think having scammers as whales of a certain coin would still affect the coin positively.

If the money generated by the fraudster remains in the crypro wallet, I think some exchanges can freeze the wallet, I think the OP can share the wallet address and the purchase transaction, this situation is very concerning and until now there are still many fake coins listed on coinmarketcap , coinmarketcap should be able to change the rules again in terms of listing on their list, such as tokens must be audited and other things.

The scam creators are certainly got a million dollars now on His hand, where He knew that all investors here in crypto space was anonymous so, He have the guts to do it. Sad to say to those who became a victim on squid games who got scammed. For what He did now is that He was really a money maker here in this field of industry of the cryptocurrency.

Since the team traced the funds used to buy those tokens are from scammed money then its possible for them to blacklist the address right? Well, I never thought about investing in the Shiba but those who have invested should be careful because the crash is going to come soon since the scammer will cash it out soon or move to another coin again.

Generally not to say that this news surprises me. there is only one interesting part in it, that it was decided to voice this connection in the operations. Although it can be assumed that this was initially a provocation to undermine confidence in the project in which this money went, and someone will follow other motives about which we will not know.