Squid Game Token
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anchored·56oDgu…g4sgSummary
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)
20 October 2021
SQUID token deployed on Binance Smart Chain and begins trading on PancakeSwap at approximately $0.01 per token.
CoinAlpha / Bitget Academy26 October 2021
Token gains accelerating media attention; price begins multi-thousand-percent climb. CBS News records the launch date as October 26.
CBS News29 October 2021
Invezz publishes analysis of the SQUID whitepaper highlighting the Marbles prerequisite for selling and the six promised but unbuilt games.
Invezz30 October 2021
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.
CoinTelegraph31 October 2021
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.
FortuneNovember 2021
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 / CoinDeskNovember 2021
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 Labs2 November 2021
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.
Gizmodo3 November 2021
Binance publicly states it is investigating the SQUID token and considers it a scam. CoinDesk reports the investigation.
CoinDesk2022
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 (1 event). 15 of 18 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/31/2026, 7:00:07 AM
last updated: 7/27/2026, 4:51:30 PM
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