The masterminds behind the Squid rug pull are probably enjoying the good life after stealing more than $3 million in a matter of seconds. But Binance is doing everything it can to make sure their party is short-lived.

Binance, the largest cryptocurrency exchange platform in the world, is tracking the scammers. According to Barron’s, an intelligence team is auditing the blockchain, gathering information to hand over to the authorities and help apprehend the scammers.

Binance Wants Scamers to Pay

A Binance spokesperson assured that these strategies have become very popular in the crypto ecosystem recently and that they were working to trace the funds and provide the authorities with as many leads as possible to identify the perpetrators.

“(Binance) is blacklisting addresses affiliated with the developers and deploying blockchain analytics to identify the bad actors.”

The platform explains that fraudsters used the cryptocurrency mixing service Tornado Cash to obfuscate their identities.

Tornado Cash is a decentralized transaction anonymization service that runs on Ethereum. Users send tokens, and the platform conducts various internal transactions to prevent funds from being traced and associated with a particular identity.

The developers of Tornado Cash have not spoken out on their social media about Binance’s accusations that their platform is being used by criminals. Similarly, Binance did not disclose whether it was working with any specific…

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