Squid Game Crypto Scammers Rips Off Investors for Millions

Anti-dumping code kept investors from selling SQUID while fraudsters cashed out.

Players in the Squid Game cryptocurrency market have been eliminated — at least their investment has — by what cryptocurrency watchers have called a classic “rug-pull” scam.

When SQUID tokens were first released last week, they were valued at a paltry $0.01 but promised entry into a game with the same premise as the Squid Game series from Netflix — players in desperate financial straits compete in a ruthless, deadly series of games for a shot at winning millions.

On Nov. 1 the price started escalating dramatically, but investors were blocked from selling SQUID by a so-called “anti-dumping mechanism.” Meanwhile, scammers cashed out, according to complaints received by CoinMarketCap. SQUID’s value peaked at $2,861.80 and dropped to zero within hours.

The intoxicating combination of a get-rich-quick cryptocurrency investment and the Netflix wild smash hit show Squid Game was just too much for some investors to resist, and estimates from Gizmodo peg potential losses from the scam at around $3,38 million.

Stop Sales, Spike Price 

All it took to keep investors from selling was a simple piece of code, Joe Stewart, researcher with PhishLabs HelpSyst4ems, explained to

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