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Squid Games (SQUID Token)

avoid.net/squid-games→2/100·95% conf.
[AI-DRAFTED · AWAITING VERIFICATION][src:defillama]

Auto-generated score, not yet verified against the scoring model. Under review — treat as indicative, not a verdict.

anchored·44qAtU…omUs

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.

Connected Entities

8 entities · 60 linked investigations
Organizations
□Ethereum64□Squid Games□Binance45□Solana62□Base68
Tokens
♦Coinbase62♦Squid Games (SQUID Token)♦Cointelegraph62
Relationships
  • Ethereum→mentioned with→Coinbase(60%)
  • Binance→mentioned with→Ethereum(65%)
  • Cointelegraph→mentioned with→Ethereum(60%)
  • Squid Games→mentioned with→Binance(70%)
  • Squid Games→mentioned with→Base(70%)
  • Squid Games→mentioned with→Solana(65%)
  • Squid Games→mentioned with→Coinbase(60%)
  • Squid Games→mentioned with→Ethereum(80%)
  • Coinbase→mentioned with→Base(70%)
  • Squid Games (SQUID Token)→mentioned with→Cointelegraph(70%)
  • + 5 more
Also appears in
Base·68Solana·62Ethereum·64Lendf.me·30Levyathan·18Jump Trading·42OpenZeppelin AI Exploit Threat Vector·15StableMagnet·2Shibarium·28Bankr·18+ 50 more

Connected Through

6 shared actors · 623 investigations

Distinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.

Have evidence about Squid Games (SQUID Token)?

Timeline(11 events)

20 October 2021

SQUID token presale begins on Binance Smart Chain.

26 October 2021

Token goes live; CoinDesk reports 35,000% price increase in three days. CoinTelegraph and Finbold flag user inability to sell.

28 October 2021

CNBC reports the token's 2,400% single-day surge; Netflix confirms no affiliation with the project.

29 October 2021

CoinMarketCap adds warning label noting reports that users cannot sell their tokens.

November 2021

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.

2 November 2021

Washington Post, CBS News, Gizmodo, and other major outlets confirm the rug pull. Initial estimates of $3.38 million stolen.

3 November 2021

Binance officially announces investigation, designates SQUID a scam, and commits to sharing findings with law enforcement.

4 November 2021

Binance blacklists developer-linked addresses. TRM Labs begins on-chain forensic tracing of stolen funds across BSC and Ethereum.

2022

TRM Labs publishes detailed blockchain forensic analysis estimating total scheme value at 35,025 BNB (~USD 19.3M). Scammers remain unidentified.

June 2022

Investigative journalists trace leads to Hong Kong apartment; learn local police had already visited the location ~6 months prior. No arrests confirmed.

27 December 2024

Launch of Netflix Squid Game Season 2 triggers new wave of SQUID copycat scam tokens on Base, Solana, and Ethereum. One Base-chain token collapses 99% within hours.

Provenance & Audit Trail
Anchored on SolanaVerify on-chain26 Wayback Archivessrc:defillama

Decision Log

This investigation is cryptographically anchored to the Solana blockchain (1 event). 26 of 29 cited source URLs have an Internet Archive snapshot.

full audit log →version history →

model: claude-sonnet-4-6

generated: 5/4/2026, 2:54:53 AM

last updated: 9/1/2026, 4:16:57 AM

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