In 2021, Netflix’s Squid Game became a global sensation, raking in nearly $900 million (Bloomberg reported) in value for the streamer. As the South Korean series went viral, scammers saw a chance. A cryptocurrency called Squid Coin was launched, named after the show but not connected to it. It marketed itself as a “play-to-earn” token, offering users rewards for participating in themed games. The coin’s price soared only to collapse overnight.
When Squid Game’s Hype Sparked a Crypto Scam
Soon after Squid Game became Netflix’s most-watched show, a digital token called Squid Coin appeared online. Despite having no official ties to the series, it quickly gained attention. Developers promoted it as part of a gaming platform where users could earn while playing.
Squid Game is a bingeworthy new series about a mysterious series of very deadly games that people who are down on their luck play as a last resort to get back to debt-free.
It’s dark, it’s funny, and it just looks so damn cool. pic.twitter.com/9DvC6xavJR
— Netflix (@netflix) September 23, 2021
The token launched in late October 2021. By November 1, its value surged more than 83,000%, climbing from just a few cents to $2,861 per coin (per Gizmodo). The coin gained traction across social media, and coverage from platforms like BBC and CNBC gave it even more visibility.
But the project had a critical flaw. Once investors bought in, they couldn’t sell. SQUID tokens were locked. The sell button was disabled, making withdrawals impossible. On the project’s website, developers claimed the mechanism was meant to stop early dumping. But in practice, users had no exit route.
While investors watched their holdings rise in value, developers were quietly pulling out liquidity from the system. Around 5:40 AM ET on November 1, the token’s price collapsed, dropping to zero in a matter of minutes. As the outlet reported, the developers disappeared with approximately $2.1 million.
RIP Scams, 2025 💥
In 2021, Squid Game Token looked like the next big play-to-earn. It pumped to $2,800 per token!
But no one could sell.
It was a honeypot.
A $3 million rug.Our new tool would’ve flagged it BEFORE the first buy.
It’s coming. ⚡️ $EVA pic.twitter.com/ncqm089g2u
— EVA AI (@EVA_AI_2024) April 4, 2025
Right after the crash, the official website was taken offline. The project’s Twitter and other social accounts were deleted. Communication from the creators stopped completely. Investors were left with nothing but a worthless coin and no recourse.
Despite the obvious red flags, including no connection to Netflix, a missing development team, and no actual game, many buyers were drawn in by the hype. The name recognition of Squid Game, combined with the promise of fast gains, made the project appear credible. The incident remains a high-profile example of a rug-pull scam.
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