The SQUID token was an unofficial cryptocurrency project inspired by Netflix’s Squid Game, not a Netflix product. In November 2021, buyers reported that they could not sell; reporting describes contract restrictions that disadvantaged buyers, followed by the project’s liquidity being withdrawn and SQUID’s value collapsing. The incident is commonly described as a rug pull, but the available reporting does not establish that a named researcher used the exact phrase “obvious scam.”
What was the Squid Game cryptocurrency?
SQUID was marketed in 2021 as a play-to-earn cryptocurrency project themed around the popular Netflix series. The project was not officially connected to the show, according to the Binance account of the incident and the BBC’s reporting. The shared name and theme were not evidence of endorsement by Netflix.
The token drew attention in October and November 2021. The BBC reported that its price had surged by thousands of percent before the apparent scam and collapse. A later retrospective by TRM Labs described a rise of over 40,000% within weeks of launch. These are separate descriptions from different reports, not a single independently reconciled performance figure.
Why couldn’t people sell SQUID?
Buyers reported difficulty selling the token. TRM Labs’ retrospective analysis describes smart-contract restrictions that were rigged against buyers, making it difficult for ordinary holders to exit while the token was being promoted. That helps explain why a displayed or reported price did not necessarily mean holders could sell their tokens at that price.
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The incident illustrates why a token’s quoted price alone is not enough to assess whether it can be sold. Contract rules can constrain who may trade, while a thin or limited pool of liquidity can make it difficult to convert tokens into another asset. As Wired quoted Patrick McCorry, CEO of PISA Research and formerly an assistant professor in cryptocurrencies and security engineering at King’s College London: “Anyone can spin up a token and liquidity pool, so it is a common risk for new projects run by anons.” McCorry 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.”
How did the SQUID collapse happen?
Binance says the project’s developers withdrew liquidity and left with users’ funds. TRM Labs describes liquidity being drained from the pool established on PancakeSwap, with SQUID converted into wrapped BNB. A rug pull is a type of scam in which people behind a crypto project remove its liquidity or otherwise abandon it, leaving holders with tokens that may be difficult or impossible to sell.
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The reported figures describe different aspects of the event and should not be treated as one verified total:
- Price rise: TRM Labs said SQUID rose by over 40,000% within weeks of launch in its retrospective investigation.
- Price after collapse: The BBC reported on November 2, 2021, that SQUID was trading at about one cent.
- Funds removed: Wired reported that $3.36 million was removed just after 1:38 p.m. UTC on November 1, 2021. That is Wired’s reported amount and timing, not a universal accounting of every buyer’s losses.
Was SQUID connected to Netflix?
No official connection is established in the cited reporting. Binance and the BBC described SQUID as unrelated to Netflix and its series. The project used the show’s theme, but that did not make it an authorized Netflix token or a partnership. A claimed connection to a recognizable brand should be checked against confirmation from the rights holder, rather than inferred from names, imagery, or online attention.
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What this incident can—and cannot—tell crypto buyers
SQUID is a specific 2021 incident, not evidence that every new token or play-to-earn project is fraudulent. It does show why buyers should not rely on promotional claims or a rising quoted price alone. Three practical questions raised by the case are:
- Can ordinary holders sell? Check whether the contract’s rules allow holders to trade, and whether credible reporting or independent analysis identifies restrictions.
- Is there verifiable liquidity and trading activity? A token may have a quoted price without enough accessible liquidity for holders to exit. Review the relevant pool and trading activity rather than assuming a price equals realizable proceeds.
- Is a brand affiliation confirmed? Look for confirmation from the rights holder. A thematic resemblance or name is not proof of endorsement.
These checks can help frame risk, but they are not a guarantee of detecting every scam. Binance’s discussion of SQUID also does not mean Binance operated or controlled it: the company says open networks such as BNB Chain are not under its control.
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