Squid Game Token
Summary
Squid Game Token (SQUID) was a fraudulent Binance Smart Chain token launched in late October 2021 that exploited the global popularity of Netflix's Squid Game series. The anonymous developers embedded a smart contract mechanism preventing any investor from selling their tokens while reserving that ability exclusively for themselves. On November 1, 2021, they drained approximately $3.38 million in liquidity within minutes, crashing the price from a peak of $2,861 to nearly zero, then deleted all project communications and disappeared.
Connected Entities
1 entities · 10 linked investigationsTimeline(10 events)
2021-10-20
SQUID token deployed on Binance Smart Chain and begins trading on PancakeSwap at approximately $0.01 per token.
CoinAlpha / Bitget Academy2021-10-26
Token gains accelerating media attention; price begins multi-thousand-percent climb. CBS News records the launch date as October 26.
CBS News2021-10-29
Invezz publishes analysis of the SQUID whitepaper highlighting the Marbles prerequisite for selling and the six promised but unbuilt games.
Invezz2021-10-30
CoinTelegraph reports that multiple users are unable to sell their SQUID tokens despite the token posting gains of over 45,000%. CoinMarketCap appends an investor caution warning to the listing.
CoinTelegraph2021-10-31
Mainstream outlets including BBC, CNBC, Fortune, and Yahoo Finance run stories on the token's extraordinary price gains, with limited coverage of the documented sell restriction.
Fortune2021-11-01
At approximately 09:35 UTC (5:35 AM ET), SQUID reaches a peak price of $2,861. Within five minutes the price collapses to $0.0035 as developers drain liquidity from the PancakeSwap pool. The project website, Telegram channel, and Medium blog are taken offline simultaneously. Twitter restricts the project's official account.
CoinTelegraph / Benzinga / CoinDesk2021-11-01
On-chain analysis later shows 55 deposits made into Tornado Cash on this single day by addresses linked to the SQUID operators, consolidating proceeds into a single address.
TRM Labs2021-11-02
Washington Post, NBC News, Fox Business, and Gizmodo publish post-collapse reporting. Estimated victim count exceeds 43,000 investors. Stolen amount reported at approximately $3.38 million.
Gizmodo2021-11-03
Binance publicly states it is investigating the SQUID token and considers it a scam. CoinDesk reports the investigation.
CoinDesk2022-01-01
TRM Labs publishes detailed on-chain investigation linking SQUID operators to two additional rug pulls and estimating total proceeds across the three schemes at approximately $19.3 million (35,025 BNB). No suspects publicly identified.
TRM LabsDecision Log
- hash: 3qSkbMeFr3FhYepsw8qh2THKTyd3RqugwmWF3n4S42q1
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/31/2026, 7:00:07 AM
last updated: 5/31/2026, 7:00:11 AM
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