Squid Games (SQUID Token)
Last changed 2026-11-01 · Fact-check review — Fact-check review (verdict: revise): the reviewer checked the page's claims against its sources; the trust score did not change. Version history →
Why this score
| Every page starts at | 65 |
| The subject's own conduct | -143 |
| Sum | -78 |
- The page establishes that the subject is itself a scheme, so the score is 0.
Score: 0/100 (kept between 0 and 100)
How scoring works →Page reliability: Fact-checked 2026-11-01 · 7 of 9 claims confirmed · 2 need better sources
anchored·44qAtU…omUsSummary
SQUID was a BEP-20 token on the Binance Smart Chain launched in late October 2021 that exploited the popularity of the Netflix series 'Squid Game'. Its contract allegedly let only the deployer sell; on November 1, 2021 the anonymous developers drained about $3.38 million of liquidity and abandoned the project, with the price falling from about $2,861 to near zero within minutes and more than 43,000 investors affected. TRM Labs linked the operators to further rug pulls totalling about $19.3 million; no arrests or identifications had been reported as of mid-2026.
Connected Entities
10 entities · 60 linked investigations- Ethereum→mentioned with→Coinbase(60%)
- Squid Game Token→mentioned with→Binance(80%)
- 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%)
- + 8 more
Connected Through
6 shared actors · 617 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Ethereumorganization
- □Binanceorganization
- □Solanaorganization
- ♦Coinbasetoken
Timeline(13 events)
October 2021
SQUID token presale begins; token deployed on Binance Smart Chain and begins trading on PancakeSwap at about $0.01 per token.
Squid Game Crypto Scam: How the 2021 Rug Pull Changed Exchange Security — Bitget AcademyOctober 2021
Token goes live per CBS News and CoinDesk reports 35,000% price increase in three days; CoinTelegraph and Finbold flag user inability to sell.
cbsnews.comOctober 2021
CNBC reports the token's 2,400% single-day surge; Netflix confirms no affiliation with the project.
cnbc.comOctober 2021
Invezz publishes analysis of the whitepaper highlighting the Marbles prerequisite for selling and the six promised but unbuilt games; CoinMarketCap adds warning label noting users cannot sell.
invezz.comOctober 2021
CoinTelegraph reports multiple users are unable to sell despite gains of over 45,000%; CoinMarketCap appends an investor caution warning.
cointelegraph.comOctober 2021
Mainstream outlets including BBC, CNBC, Fortune and Yahoo Finance run stories on the token's price gains with limited coverage of the sell restriction.
Squid Game Crypto Loses Virtually All Its Value Overnight — FortuneNovember 2021
Rug pull: at about 09:35 UTC on November 1 SQUID peaks at about $2,861 then collapses to near zero by 09:40 as developers drain liquidity; website, Telegram, Medium blog and Twitter go offline or are restricted; developers post farewell message. 55 deposits are made into Tornado Cash that day.
Game Over: Squid Game-Inspired Crypto Scam Collapses — CoinTelegraphNovember 2021
Washington Post, CBS News, NBC News, Gizmodo and other outlets confirm the rug pull; estimated victims exceed 43,000 and initial estimate of stolen funds is $3.38 million.
gizmodo.comNovember 2021
Binance publicly announces investigation, designates SQUID a scam, and commits to sharing findings with law enforcement.
coindesk.comNovember 2021
Binance blacklists developer-linked addresses; TRM Labs begins on-chain forensic tracing of funds across BSC and Ethereum.
2022
TRM Labs publishes forensic analysis linking SQUID operators to two additional rug pulls and estimating total scheme value at 35,025 BNB (about USD 19.3M); scammers remain unidentified.
trmlabs.comJune 2022
Investigative journalists trace leads to a Hong Kong apartment and learn local police had visited about six months earlier; no arrests confirmed.
December 2024
Launch of Netflix Squid Game Season 2 triggers a new wave of SQUID copycat scam tokens on Base, Solana and Ethereum; one Base-chain token collapses 99% within hours.
trmlabs.comDecision Log
- slot 464266128 · hash 85qZwGsmZh4xhVpLFiiJGyKeoF99qGQaGKibXG8pPBEf
- slot 464266123 · hash FaXwBNPrst4V6qimx54JPGgSPbxxiKGmhcEGrDrVPABb
- slot 461961822 · hash 8QYSoSnCb4j7D521z5z2kNnd15vkkUeLkdx1vi3sGBVn
- slot 422776107 · hash C4AcyNZEL4DzZunKNTMm14X796rNEjoX9k7B7oB5D6cz
This investigation is cryptographically anchored to the Solana blockchain (4 decisions). 34 of 39 cited source URLs have an Internet Archive snapshot.
model: claude-code-merge-writer
generated: 5/4/2026, 2:54:53 AM
last updated: 11/1/2026, 10:49:40 PM
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