Squid Game scam creators buy $125M worth of SHIB turning into Shiba Inu whales

[dansus021]

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!

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

[DapanasFruit]

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?

[livingfree]

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.

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'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.

[kryptqnick]

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/

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.

[masterrex]

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.

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.

[sana54210]

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.

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.

[pealr12]

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.

[herurist]

are they planning to destroy the meme coins by profiting privately? this is very funny and at the same time makes shiba holders anxious
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

[livingfree]

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.

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.

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.

[aces777]

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.

[coin-investor]

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.

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.

[CaVO32]

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.

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.

[timerland]

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.

[cryptoaddictchie]

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

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.

[barbara44]

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.

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.

[Ararbermas]

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.  

[meanwords]

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/

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.

[shawon01]

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

[Ten98]

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.

[darmin]

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.