On-chain confirmed

Squid Game Token Rug Pull

Memecoin capitalizing on the Netflix show's popularity drains $3.4M in liquidity and disappears 6 days after launch. Token held no Netflix affiliation.

Losses

$3M

Affected

~43,000

Started

Oct 2021

Collapsed

Nov 2021

Timeline

October 26, 2021: SQUID token launches on PancakeSwap. Claims to power a 'Squid Game'-themed play-to-earn game

October 27-31, 2021: Price rises from $0.01 to $38, then $90 as media coverage amplifies hype

November 1, 2021: Token reaches $2,860 peak

November 1, 2021 (hours later): Creators drain ~$3.4M liquidity from PancakeSwap pool. Website goes offline. Telegram group silenced

November 2, 2021: Token price drops to $0 in minutes

Never recovered: Attackers' wallet traced but identities not publicly confirmed. No arrests to date

Evidence

Verified via: on-chain analysis of PancakeSwap transactions (BscScan), GoPlus Security's rug-pull detection database, coverage by The Block, CoinDesk, and Forbes.

Lessons for you

If a token is tied to a real-world IP without licensing, it's almost always a scam
Tokens that 'cannot be sold' (as SQUID was briefly designed) are trivially rug-pullable
Memecoins riding viral trends have 99%+ long-term failure rates
No regulatory body systematically pursues rug pulls under $10M — investor education is the only defense