Squid Game token (SQUID)
A token themed on the Netflix series 'Squid Game' that rug-pulled in November 2021. A contract mechanism prevented most buyers from selling; developers cashed out an estimated $3.38M and the token's value fell to near zero.
Also known as: Squid Game token, SQUID
Summary
SQUID was a token themed on the Netflix series "Squid Game", launched in late October 2021. After a rapid price rise, it collapsed to near zero on November 1, 2021 in what reporting described as a "rug pull"; the anonymous developers cashed out an estimated $3.38 million. [1][2]
How buyers were trapped
Reporting and on-chain analysis indicate the token's smart contract contained an "anti-dumping" mechanism that prevented most holders from selling, while allowing the developers to convert their holdings. [2][3] The project's website and social accounts went offline after the collapse. [1]
Note
This case is often cited as an example of due-diligence red flags: an inability to sell, an anonymous team, and website errors, despite mainstream coverage of the price surge. [1][2]
Bracketed numbers refer to the numbered sources listed below.
People & entities involved
Sources (3)
See also
- Bitcoin Latinum (LTNM)TokensA ~$16M token offering (SAFTs for 'Bitcoin Latinum' / LTNM) that the SEC charged in 2026 as fraud: founder Donald Basile falsely called LTNM 'the world's first insured digital asset' backed by an 'existing trust,' neither of which existed, and diverted investor funds for personal use (including a $160,000 horse).
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)Tokens
This page was last updated on Jun 8, 2026. View revision history.