The SQUID token was an unofficial cryptocurrency project inspired by Netflix’s Squid Game, not a coin issued or endorsed by Netflix. In 2021, buyers reported that they could not sell their tokens; reporting later described contract restrictions and a withdrawal of the project’s trading liquidity, after which SQUID’s value collapsed. The incident is commonly described as a rug pull, but the available sources do not establish that a named researcher called it an “obvious scam.”
What was the SQUID cryptocurrency?
SQUID was promoted in 2021 as a play-to-earn cryptocurrency project themed around the popularity of Squid Game. Binance and the BBC reported that it had no official connection to the Netflix series. The show’s name and imagery were a theme, not evidence of a partnership or authorization. BBC News and Binance covered the project and its disputed connection to the show.
Why couldn’t people sell SQUID?
Buyers reported difficulty selling their tokens. TRM Labs’ retrospective account describes smart-contract restrictions that worked against buyers, alongside liquidity that was later drained from a pool on PancakeSwap. Binance likewise reported that the project’s developers withdrew liquidity and left with users’ funds. TRM Labs explains the contract and liquidity mechanics; Binance describes the withdrawal.
Liquidity is the pool of assets that allows people to trade a token. When it is removed, holders may be left with tokens they cannot readily exchange for other assets. A “rug pull” is a type of crypto scam in which project operators withdraw liquidity or otherwise take users’ funds, leaving buyers exposed. In this case, TRM Labs says SQUID was converted into wrapped BNB as liquidity was drained.
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How quickly did the token collapse?
The reported figures describe different moments and measures, so they should not be treated as one independently reconciled price history or loss total.
- TRM Labs says SQUID’s price rose by over 40,000% within weeks of launch, describing the surge before its account of the contract restrictions and liquidity drain.
- The BBC reported that the token had surged by thousands of percent before the apparent scam, and that it was trading at about one cent by the time of its November 2, 2021 article.
- Wired reported that $3.36 million was removed just after 1:38 p.m. UTC on November 1, 2021. That is the amount and timing reported by Wired, not a universal accounting of every buyer’s losses.
These are historical, incident-specific reports from 2021; they do not describe SQUID’s current price or trading status. See TRM Labs, BBC News, and Wired.
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What does the incident show about crypto-token risks?
A token can attract attention without giving buyers a reliable way to sell. Patrick McCorry, CEO of PISA Research and formerly an assistant professor in cryptocurrencies and security engineering at King’s College London, told Wired: “Anyone can spin up a token and liquidity pool, so it is a common risk for new projects run by anons.” He also said: “Rug pulls happen when there are large holders of the coin who can freely trade it, and the market for that token is not deep or highly liquid.” Wired published both comments.
For someone assessing an unfamiliar token, the SQUID case points to three useful questions:
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- Can ordinary holders sell? Check whether contract rules impose restrictions on selling, not just whether a token can be bought.
- Is liquidity and trading activity independently verifiable? A token’s advertised price does not by itself show that a holder can sell at that price.
- Is a claimed brand affiliation confirmed by the rights holder? A familiar name or theme is not proof of an official relationship.
These checks can reveal warning signs, but they cannot guarantee that a project is safe or identify every scam.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Did Binance run or control SQUID?
No. Binance discussed the incident, but that does not mean it operated or controlled the token. The company said open networks such as BNB Chain are not under its control. Binance’s account distinguishes its discussion of the incident from control of the project or network.
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