Benzinga | Dec 9, 2021 09:51PM EST

Transactions Connect Squid Game Scammers To 3 Trillion Shiba Inu Whale

Members of the Shiba Inu (CRYPTO: SHIB) community speculated about whether the SHIB whale who purchased 3 trillion tokens could actually be the creators behind the scam token Squid Game (CRYPTO: SQUID).

What Happened: On Dec. 8, WhaleStats reported a whale purchased 3 trillion SHIB tokens worth $120 million in a series of three transactions. Based on "wormhole findings" from the Twitter Inc (NYSE:TWTR) account r/SHIBArmy, the first wallet exited by the 3 trillion Shiba Inu whale is a Squid Game wallet.

Wormhole findings lol. Is the 3 trillion shib whale actually the squid game creators that scammed people. I followed the transactions it goes through so many wallets but the very first wallet it leave is a squid game wallet. Think we may have a manipulator. #SHIBArmy $SHIB pic.twitter.com/lRovlgqwsn

-- r/SHIBArmy (@r_SHIBArmy) December 8, 2021

Last month, the SQUID token made captured headlines when its price crashed from $2,800 to zero within a span of five minutes after its creators removed liquidity.

The token rose by 83,000% in the days leading up to the rug pull despite a number of reports pointing to the token being "an obvious scam."

After removing liquidity, the scammers behind the token allegedly began to launder the stolen funds through Tornado Cash, an Ethereum (CRYPTO: ETH) based privacy solution.

SHIB Price Action: SHIB was trading at $0.00003595 on Thursday morning at publication, down 3.37% in the last 24 hours.

Photo by Andrew Haimerl (andrewnef) on Unsplash