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.
Sources (3)
See also
Gala Games exploitTokensOn May 20, 2024 an attacker abused a privileged minter account on the GALA token contract to mint 5 billion GALA (≈$200M+ nominal) and dumped ~600M of them for ~$22M of ETH before Gala froze the address. Gala Games called it an internal access-control failure; the attacker later returned the ~$22M.
HEX / PulseChain (Richard Heart)ProjectsCrypto projects (HEX, PulseChain, PulseX) created by Richard Heart (Richard Schueler). In July 2023 the U.S. SEC sued him for offering unregistered securities that raised $1B+ and for allegedly misappropriating ~$12M for luxury goods (including a 555-carat diamond). A court dismissed the case in 2024 for lack of U.S. jurisdiction; there was no finding of wrongdoing and Heart denies the allegations.
This page was last updated on Jun 15, 2026. View revision history.
