{"investigation":{"slug":"squid-games","entity_name":"Squid Games (SQUID Token)","trust_score":2,"severity_base":null,"score_modifier":0,"confidence":0.95,"status":"published","content_type":"investigation","summary":"SQUID was a BEP-20 token on the Binance Smart Chain launched in late October 2021 that exploited the viral popularity of the Netflix series 'Squid Game.' On November 1, 2021, anonymous developers executed a rug pull, draining at least $3.38 million in liquidity and abandoning the project, causing the token price to collapse from a peak of $2,861.80 to effectively zero within minutes. More than 43,000 investors suffered losses, with no arrests made and the perpetrators remaining unidentified as of mid-2026.","sections":[{"content":"SQUID was a BEP-20 token deployed on the Binance Smart Chain (BSC) in late October 2021 by anonymous developers. The project capitalized on the global cultural phenomenon of the Netflix series 'Squid Game,' falsely claiming in its whitepaper and website to be building a 'play-to-earn' online game inspired by the show. The token presale began around October 20, 2021. Its whitepaper was plagued with spelling and grammatical errors, and contained unverified claims of partnerships with Netflix and Microsoft — both of which denied any affiliation. Netflix told CNBC it had no connection to the project. CoinMarketCap flagged the token as 'unlikely to be affiliated with the official IP' and warned users to exercise caution after receiving reports of the anti-sell mechanism. The project's developers remained entirely anonymous throughout its existence.","heading":"Overview and Background","sources":[{"url":"https://www.cnbc.com/2021/10/28/squid-game-cryptocurrency-up-nearly-2400percent-in-the-last-24-hours.html","name":"cnbc.com","type":"other","credibility":3},{"url":"https://coinmarketcap.com/academy/article/binance-investigates-squid-game-themed-crypto-scam","name":"coinmarketcap.com","type":"other","credibility":3},{"url":"https://cryptobriefing.com/how-bsc-project-used-netflixs-squid-game-scam-investors/","name":"cryptobriefing.com","type":"other","credibility":3},{"url":"https://www.techtimes.com/articles/267303/20211029/squid-game-cryptocurrency-researchers-say-obvious-scam.htm","name":"techtimes.com","type":"other","credibility":3}],"severity":"medium"},{"content":"The SQUID token smart contract contained a concealed mechanism that prevented ordinary token holders from selling their tokens on the open market. The whitepaper described this as an 'anti-dump mechanism' stating that buying tokens 'releases selling credits at a rate of 2:1,' meaning at most half of total buy volume could be sold. In practice, users attempting to sell on PancakeSwap found all sell transactions rejected. A secondary token called 'Marbles' was nominally offered as a workaround: holders could burn five Marbles to sell one SQUID. However, the Marbles token was priced higher than SQUID itself, making the exit economically irrational. This ratio worsened over time, reaching a reported 20 Marbles per SQUID before the collapse. This effectively locked all retail investors into their positions while the developers retained full ability to liquidate their holdings. Researchers at CoinTelegraph and Finbold flagged users' inability to sell as an active warning sign while the token was still trading.","heading":"Anti-Sell Mechanism and Smart Contract Exploit","sources":[{"url":"https://cointelegraph.com/news/users-not-able-to-sell-squid-game-token-clocking-45-000-gains","name":"cointelegraph.com","type":"other","credibility":3},{"url":"https://finbold.com/warning-multiple-squid-game-token-investors-reportedly-cant-sell-squid/","name":"finbold.com","type":"other","credibility":3},{"url":"https://cryptobriefing.com/squid-game-token-jumps-40000-meme-coin-mania/","name":"cryptobriefing.com","type":"other","credibility":3},{"url":"https://invezz.com/news/2021/10/29/5-key-highlights-from-squid-game-tokens-whitepaper/","name":"invezz.com","type":"other","credibility":3}],"severity":"medium"},{"content":"On November 1, 2021, between approximately 9:35 AM and 9:40 AM UTC, the anonymous developers executed a rug pull. The token had reached an all-time high of $2,861.80 at 9:35 AM before collapsing to $0.0007926 within five minutes — a decline of approximately 99.9999%. The developers drained liquidity from PancakeSwap and DODO by selling their controlled supply of SQUID tokens, converting them first to Wrapped BNB (WBNB), then to BNB. Multiple accounts of the price trajectory were documented by CoinMarketCap: the token had risen from $0.01 at launch to $38 by 6:00 AM that morning, $90 by 7:00 AM, $181 by 8:00 AM, and $523 by 9:00 AM before spiking to its peak. At least 43,000 investors were holding SQUID at the time of the collapse. Immediately following the rug pull, the project's website, Twitter account, and Telegram channel were taken offline. A final message posted to Telegram by the developers stated: 'Squid Game Dev does not want to continue running the project as we are depressed from the scammers and is overwhelmed with stress,' and separately alleged that 'someone is trying to hack our project.' Twitter flagged the SQUID token account for unusual activity following the crash.","heading":"The Rug Pull — November 1, 2021","sources":[{"url":"https://coinmarketcap.com/academy/article/i-lost-everything-how-squid-game-token-collapsed","name":"coinmarketcap.com","type":"other","credibility":3},{"url":"https://www.cbsnews.com/news/squid-game-cryptocurrency-rug-pull-scam/","name":"cbsnews.com","type":"other","credibility":3},{"url":"https://gizmodo.com/squid-game-cryptocurrency-scammers-make-off-with-2-1-m-1847972824","name":"gizmodo.com","type":"other","credibility":3},{"url":"https://cointelegraph.com/news/twitter-flags-squid-game-token-accounts-as-price-crashes","name":"cointelegraph.com","type":"other","credibility":3},{"url":"https://www.nasdaq.com/articles/squid-game-crypto-creators-steal-millions-in-rug-pull.-heres-how-to-avoid-scams-2021-11-03","name":"nasdaq.com","type":"other","credibility":3}],"severity":"medium"},{"content":"Initial estimates placed funds extracted at approximately $3.38 million, drawn from the liquidity pools on PancakeSwap and DODO. However, on-chain forensic analysis by TRM Labs concluded that the total value obtained across three connected scams attributed to the same perpetrators reached at least 35,025 BNB, approximately USD 19.3 million at November 2021 prices. This suggests the SQUID rug pull was part of a larger coordinated fraud operation. The discrepancy between the $3.38 million figure (direct liquidity drain) and the $19.3 million figure (broader attributed scheme) reflects different methodological scopes. One victim documented purchasing 5,000 SQUID tokens at $1 each; another's $57 investment briefly showed a paper value of $14,000 but could not be liquidated due to the anti-sell mechanism.","heading":"Financial Losses and Scale","sources":[{"url":"https://www.trmlabs.com/resources/blog/on-the-trail-of-the-squid-game-scammers","name":"trmlabs.com","type":"other","credibility":3},{"url":"https://heimdalsecurity.com/blog/squid-game-cryptocurrency-squid-crashed-on-monday-in-an-apparent-scam-investors-lose-millions-of-dollars/","name":"heimdalsecurity.com","type":"other","credibility":3},{"url":"https://coinmarketcap.com/academy/article/i-lost-everything-how-squid-game-token-collapsed","name":"coinmarketcap.com","type":"other","credibility":3},{"url":"https://www.verified.org/articles/news/squid-game-cryptocurrency-scam","name":"verified.org","type":"other","credibility":3}],"severity":"medium"},{"content":"TRM Labs conducted blockchain forensic analysis tracing the movement of funds following the rug pull. The proceeds were converted from SQUID to WBNB to BNB, then laundered through Tornado Cash — a privacy mixing protocol. On November 1, 2021 alone, the perpetrators made 55 deposits into Tornado Cash in rapid succession, then consolidated the funds into a single wallet address before bridging them to the Ethereum network via cross-chain bridge applications. Approximately 2,693 ETH (roughly USD 11.1 million) was then moved through high-risk virtual asset service providers (VASPs) with minimal know-your-customer (KYC) controls, and through DeFi lending protocol Compound. Binance's internal investigations team confirmed the use of Tornado Cash and stated it had blacklisted affiliated addresses and shared findings with law enforcement. TRM Labs noted the scammers made 'apparent mistakes while using mixing services and exhibited consistent patterns of behavior,' potentially creating forensic leads — though no identities have been publicly confirmed.","heading":"Fund Laundering and On-Chain Forensics","sources":[{"url":"https://www.trmlabs.com/resources/blog/on-the-trail-of-the-squid-game-scammers","name":"trmlabs.com","type":"other","credibility":3},{"url":"https://www.coindesk.com/business/2021/11/03/binance-is-investigating-squid-game-token-considers-it-a-scam-report","name":"coindesk.com","type":"other","credibility":3},{"url":"https://gizmodo.com/binance-is-now-investigating-the-squid-game-crypto-scam-1847998199","name":"gizmodo.com","type":"other","credibility":3},{"url":"https://decrypt.co/85276/binance-says-trying-find-scammers-behind-squid-game-token","name":"decrypt.co","type":"other","credibility":3}],"severity":"medium"},{"content":"Binance, whose Binance Smart Chain hosted the token, announced on approximately November 3, 2021 that it was investigating the SQUID scam and formally designated it a fraud. Binance stated it would blacklist wallet addresses linked to the developers and share all investigative findings with appropriate law enforcement agencies. CoinMarketCap, which had previously listed the token, added warning labels prior to the collapse flagging the inability of users to sell as a significant red flag. No regulatory enforcement actions (SEC, CFTC, or DOJ) have been publicly filed against any identified individual in connection with the SQUID rug pull as of mid-2026.","heading":"Exchange and Regulatory Response","sources":[{"url":"https://www.coindesk.com/business/2021/11/03/binance-is-investigating-squid-game-token-considers-it-a-scam-report","name":"coindesk.com","type":"other","credibility":3},{"url":"https://gizmodo.com/binance-is-now-investigating-the-squid-game-crypto-scam-1847998199","name":"gizmodo.com","type":"other","credibility":3},{"url":"https://coinmarketcap.com/academy/article/binance-investigates-squid-game-themed-crypto-scam","name":"coinmarketcap.com","type":"other","credibility":3},{"url":"https://decrypt.co/85276/binance-says-trying-find-scammers-behind-squid-game-token","name":"decrypt.co","type":"other","credibility":3}],"severity":"medium"},{"content":"The developers of the SQUID token have remained anonymous. Investigative journalism by journalist Janhoi McGregor and tech expert Ciaran O'Connor, documented in the podcast series 'Squid Scam: Chasing the NFT Con Artists,' traced leads to Hong Kong. Investigators reportedly visited an apartment in Hong Kong associated with the alleged perpetrator, only to find that local police had already visited the location approximately six months prior in connection with the scam. No arrests or confirmed identifications have been publicly reported as of mid-2026. The identities behind the smart contract deployment address (BscScan: 0x87230146e138d3f296a9a77e497a2a83012e9bc5) remain unattributed.","heading":"Perpetrators and Ongoing Investigation","sources":[{"url":"https://finbold.com/just-in-squid-game-crypto-token-scammer-tracked-down/","name":"finbold.com","type":"other","credibility":3},{"url":"https://cryptotips.eu/en/news/squid-game-token-scammers-found-in-hong-kong/","name":"cryptotips.eu","type":"other","credibility":3},{"url":"https://www.trmlabs.com/resources/blog/on-the-trail-of-the-squid-game-scammers","name":"trmlabs.com","type":"other","credibility":3},{"url":"https://bscscan.com/token/0x87230146e138d3f296a9a77e497a2a83012e9bc5","name":"bscscan.com","type":"other","credibility":3}],"severity":"medium"},{"content":"Multiple researchers and publications identified red flags in the SQUID project before the rug pull occurred. These included: (1) anonymous development team with no verifiable identities; (2) whitepaper riddled with spelling and grammatical errors; (3) false claims of Netflix and Microsoft partnerships that both companies denied; (4) a price increase of over 300,000% in under one week — an abnormal signal suggesting coordinated manipulation; (5) user reports of inability to sell tokens, reported by CoinTelegraph and Finbold while the token was actively trading; (6) the Marbles secondary token requirement creating an economically prohibitive exit condition; and (7) CoinMarketCap's public warning label. Despite these documented warnings, the extreme price appreciation continued to draw new buyers.","heading":"Pre-Collapse Warning Signs","sources":[{"url":"https://bitcoinist.com/got-rekt-on-squid-game-here-are-the-warning-signs-you-missed-ignored/","name":"bitcoinist.com","type":"other","credibility":3},{"url":"https://cointelegraph.com/news/users-not-able-to-sell-squid-game-token-clocking-45-000-gains","name":"cointelegraph.com","type":"other","credibility":3},{"url":"https://www.techtimes.com/articles/267303/20211029/squid-game-cryptocurrency-researchers-say-obvious-scam.htm","name":"techtimes.com","type":"other","credibility":3},{"url":"https://www.nbcnews.com/tech/tech-news/squid-game-crypto-collapse-pushes-investors-cry-scam-rcna4399","name":"nbcnews.com","type":"other","credibility":3}],"severity":"medium"},{"content":"The SQUID rug pull is documented as one of the most prominent cryptocurrency scams of 2021 and has since been studied as a case study in smart contract fraud and rug pull mechanics. TRM Labs reported in late 2024 that the launch of Netflix's 'Squid Game' Season 2 in December 2024 triggered a new wave of SQUID-branded copycat token scams across multiple blockchains including Solana, Ethereum, and Coinbase's Base network. One token deployed on the Base blockchain by a deployer-controlled wallet collapsed 99% within three hours of launch. CoinTelegraph reported multiple SQUID-branded tokens raising red flags around the Season 2 launch. The 2021 incident is also referenced in academic and industry literature as an example of the 'anti-dump' smart contract exploit class.","heading":"Copycat Scams and Legacy","sources":[{"url":"https://www.trmlabs.com/resources/blog/squid-game-season-2-a-window-into-popular-culture-and-crypto-scams","name":"trmlabs.com","type":"other","credibility":3},{"url":"https://cointelegraph.com/news/squid-game-tokens-scam-alert-2024","name":"cointelegraph.com","type":"other","credibility":3},{"url":"https://www.bitget.com/news/detail/12560604456335","name":"bitget.com","type":"other","credibility":3},{"url":"https://www.cryptotimes.io/2024/12/27/squid-game-lovers-got-scammed-as-fake-token-drops-99/","name":"cryptotimes.io","type":"other","credibility":3},{"url":"https://medium.com/@losslesscash/squid-rug-pull-another-case-study-to-justify-the-need-for-on-chain-security-fd4f5ed45b50","name":"medium.com","type":"other","credibility":3}],"severity":"medium"}],"timeline":[{"date":"2021-10-20","event":"SQUID token presale begins on Binance Smart Chain.","source":""},{"date":"2021-10-26","event":"Token goes live; CoinDesk reports 35,000% price increase in three days. CoinTelegraph and Finbold flag user inability to sell.","source":""},{"date":"2021-10-28","event":"CNBC reports the token's 2,400% single-day surge; Netflix confirms no affiliation with the project.","source":""},{"date":"2021-10-29","event":"CoinMarketCap adds warning label noting reports that users cannot sell their tokens.","source":""},{"date":"2021-11","event":"Rug pull executed. Token peaks at $2,861.80 at approximately 9:35 AM UTC then collapses to near-zero by 9:40 AM. Developers drain liquidity on PancakeSwap and DODO. 55 deposits made into Tornado Cash. Project website, Twitter, and Telegram go offline. Developers post farewell message claiming stress and alleged hacking attempt.","source":"","date_original":"2021-11-01"},{"date":"2021-11-02","event":"Washington Post, CBS News, Gizmodo, and other major outlets confirm the rug pull. Initial estimates of $3.38 million stolen.","source":""},{"date":"2021-11-03","event":"Binance officially announces investigation, designates SQUID a scam, and commits to sharing findings with law enforcement.","source":""},{"date":"2021-11-04","event":"Binance blacklists developer-linked addresses. TRM Labs begins on-chain forensic tracing of stolen funds across BSC and Ethereum.","source":""},{"date":"2022","event":"TRM Labs publishes detailed blockchain forensic analysis estimating total scheme value at 35,025 BNB (~USD 19.3M). Scammers remain unidentified.","source":"","date_original":"2022-01-01"},{"date":"2022-06","event":"Investigative journalists trace leads to Hong Kong apartment; learn local police had already visited the location ~6 months prior. No arrests confirmed.","source":"","date_original":"2022-06-01"},{"date":"2024-12-27","event":"Launch of Netflix Squid Game Season 2 triggers new wave of SQUID copycat scam tokens on Base, Solana, and Ethereum. 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