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Caution: New SQUID Game Token emerges after 2021 rug pull

Caution: New SQUID Game Token emerges after 2021 rug pull

Even though the original iteration of the Squid Game-inspired cryptocurrency turned out to be a rug-pull scam leaving holders unable to sell their SQUID assets, there is now another token as an homage to the popular South Korean Netflix (NASDAQ: NFLX) show of the same name.

Indeed, in late July, blockchain and crypto firm Coinstore Singapore shared a press release in which it stated it was joining forces with the SQUID Game Token, an “exceptional” and “groundbreaking decentralized token that has taken the crypto world by storm.”

According to the platform, the SQUID “prioritizes security and trust to create an environment of unwavering confidence for its dedicated community, and at its core “lies an unprecedented level of security, ensuring protection against rug pulls and fraudulent activities.”

Reviving the SQUID

As a reminder, the original SQUID token launched on decentralized exchanges in late 2021, not long before Bitcoin (BTC) and Ethereum (ETH) reached their all-time highs (ATHs), only to subsequently crash more than 99.99%, leaving investors out in the cold.

According to the transaction records from Web3 community node service BscScan, the anonymous developers of the infamous SQUID token seem to have made off with an estimated $3.4 million in investor funds, making it one of the largest crypto scams in the industry’s history.

On November 1, 2021, the original Squid developers posted on their Telegram channel that someone was trying to hack the project, both its Twitter (now called X) account GoGoSquidGame, and its smart contract. As they said:

“Squid Game Dev does not want to continue running the project as we are depressed from the scammers and is overwhelmed with stress. We have to remove all the restrictions and the transaction rules of Squid Game. Squid Game will enter a new stage of community autonomy”

A little over a year after the rug pull, an investigation by investigative technology journalist Janhoi McGregor and tech expert Ciaran O’Connor delivered new evidence as to the whereabouts of the scam’s originators, reporting the results in a podcast series, ‘Squid Scam: Chasing the NFT Con Artists,’ as Finbold reported in January 2023.

More recently, however, the revived SQUID Game Token’s page on the crypto analytics platform CoinMarketCap stated that the project has migrated from an old contract address to a new one, “now ostensibly run by the community after the initial rugging allegations.” 

That said, Squid Game Token is now also on CoinMarketCap, but with a warning to investors that the contract creator can modify its smart contract (disable selling, change fees, mint or transfer tokens), as well as advising them to exercise caution before taking any action related to it and to always do their own research.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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