Taiwan monitors suspicious crypto trading activities amid SQUID token crashes by 99.99%

Taiwan monitors suspicious crypto trading activities amid SQUID token crashes by 99.99%

BUSINESS/ECONOMY| Nov. 02, 2021 | WOZINGA NEWS

Taiwan monitors suspicious crypto trading activities amid SQUID token crashes by 99.99%

  • Taiwan Central Bank Governor unfolded that the regulator of finance is discussing the plan to regulate cryptocurrency investment. 

By Marielle Petere Wozinga Staff

Taiwan monitors suspicious crypto trading activities amid SQUID token crashes by 99.99%

TAIWANFinancial regulator aims to close loopholes on cryptocurrency investment to protect Taiwanese investors. Taiwan Central Bank Governor Yang Chin-long confirmed

On Monday, Yang answered the legislative committee about the financial risks attached to the play-to-earn SQUID token and the other suspicious crypto investments.  

Taiwan Central Banker is vigilant to crypto activities

Though Taiwan has a low cryptocurrency trading volume, centra bank remains vigilant. Monitoring the list of decentralized exchanges is among the regulatory action to fight against money laundering.  

According to the report of Taiwan News, Central Banker revealed that the financial regulator deliberates a plan in regulating the trading platforms and other crypto-related activities. 

Then,  the SQUID meme coin crashed a few hours after the legislative meeting. CoinMarketCap received multiple reports that users could not sell the token on a decentralized exchange, Pancakeswap. According to the notice, the coin is possibly a ‘honeypot scam’.

If the investors cannot meet certain conditions, restrictions for swapping and selling tokens occur. It is known as ‘innovative anti-dumping technology’. It is the reason why claiming the profits is unavailable. 

SQUID coin crashes from its all-time high

SQUID token made headlines after its massive spike since its presale started on October 20. Its launch was on October 27. It even reached a 110,000% increase in less than a week. 

Suspicions emerged when investors pointed out that they could not trade SQUID tokens. Wozinga reported on October 30 about the warning against the token. 

But then, several continued to invest despite the repetitive warning against investing $SQUID. Now the coin flops by 99.99% in the last 24 hours. 

In the CoinMarketCap trading chart, the SQUID’s highest price is $2,861 within 24 hours. 

But, the meme coin price is USD 0.003947 with a 24-hour trading volume of $16.419,696M at the time of writing. Its current rank is #2762.

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