A year after the SQUID token crypto scam, which capitalized on the popularity of the Netflix show Squid Game, investigative journalists have made significant strides in identifying the originators of the scam. The scammers launched a cryptocurrency token named after the show, attracting investors and major publications like BBC and CNBC. However, they disappeared with millions of dollars soon after, leaving victims in financial distress.
Journalist Janhoi McGregor and tech expert Ciaran O’Connor delved into the case, starting with clues from a victims’ Telegram chatroom. They uncovered evidence linking the scam to a rug pull scheme, where a video of the scam happening in real-time was shared with McGregor, leading to more substantial leads. Additionally, they found connections between the scammers and a legal firm scam that preyed on victims for financial gain.
Further investigation revealed the identity of the scammer, including an IP address, email addresses, physical address, and a name tied to fraudulent activities dating back several years. Attempts to contact the suspect led to potential locations in Hong Kong and China, with the investigative duo eventually traveling to Hong Kong to confront the scammer. However, they found no one at the location, with evidence indicating that the police had previously visited the site in connection with the scam.
Despite facing challenges and concerns for their safety, McGregor and O’Connor persisted in their pursuit of the scammer. They made contact with individuals associated with the scam, only to have the phone number disconnected and the suspect evade further questioning. With the investigation reaching a critical point, McGregor decided to involve local authorities and reported his findings, leaving the remaining work in the hands of law enforcement.
In conclusion, the in-depth investigation into the SQUID token scam sheds light on the elaborate tactics employed by cryptocurrency scammers to deceive investors. Through persistence and ingenuity, McGregor and O’Connor were able to uncover key details leading to the identification of the scammer. While the ultimate resolution of the case remains in the hands of law enforcement, the efforts of these journalists highlight the importance of exposing fraudulent schemes and holding perpetrators accountable for their actions.
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