Crypto Token Risk Assessment Tool
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This tool helps you identify warning signs of cryptocurrency scams based on key indicators from real-world examples like the SQUID token. Enter details about a token to calculate its scam risk score.
The Squid Game crypto token (SQUID) isn’t a coin you invest in-it’s a warning sign. Launched in October 2021, it skyrocketed over 23 million percent in weeks, fueled by the hype of Netflix’s hit show Squid Game. Then, in just one day, it dropped to zero. Investors lost $3.3 million. The developers vanished. And despite a so-called "V2" version still floating around, this token remains one of the most infamous scams in crypto history.
How the Original SQUID Token Pulled Off the Biggest Rug Pull
The original SQUID token was built on Binance Smart Chain with a smart contract designed to trap buyers. It looked like any other meme coin: fun name, flashy website, promises of community ownership. But hidden inside the code was a fatal flaw. While anyone could buy SQUID, only the developers could sell it. When the price hit $2,861.80, they dumped their entire holdings in a single transaction, draining over $3 million from the liquidity pool. The sell button disappeared. The website went dark. And thousands of people woke up to a wallet full of worthless tokens.Chainalysis later classified this as one of the top three rug pulls of 2021. Forensic analysis by TRM Labs showed the stolen funds were laundered through Tornado Cash and swapped across chains to hide the trail. The developers never revealed their identities. No GitHub. No team photos. No public communication. Just silence.
The "V2" Token: A Ghost Rebrand
After the original collapse, a new version emerged: SQUID V2, with a different contract address (0xfafb7581a65a1f554616bf780fc8a8acd2ab8c9b). Its website, squidgametoken.vip, claims it’s "community-owned," "audited," and "secure." But none of that is true.No reputable security firm-CertiK, Hacken, or OpenZeppelin-has ever audited the V2 contract. The website has no whitepaper, no roadmap, no technical documentation. The team is still anonymous. Even the token’s supply numbers don’t add up: CoinGecko lists a max supply of 800 million, but Binance shows over 996 million in circulation. That’s impossible unless someone minted extra tokens behind the scenes.
The V2 token trades at around $0.0001035 as of late 2023, with a 24-hour volume of just $107.96. That’s less than the cost of a coffee. For comparison, Dogecoin moves over $500 million daily. There’s no liquidity. No exchange support beyond PancakeSwap. Even Binance lists it with a $0 market cap. This isn’t a revival-it’s a rebranding of the same scam, hoping new investors don’t know the story.
Why SQUID Has No Real Utility
Legitimate meme coins like Dogecoin and Shiba Inu have actual use cases. Dogecoin is accepted by some retailers. Shiba Inu has its own decentralized exchange, Shibaswap. SQUID has nothing. No partnerships. No staking rewards. No NFT integration. No ecosystem. Just a ticker symbol and a website that looks like it was built in a weekend.Even the token’s claimed "zero tax" on BNB Smart Chain is misleading. Taxes are only one part of the risk. The bigger issue is that no one will buy your SQUID when you try to sell. With such low liquidity, even a $100 trade could crash the price by 50%. You’re not investing-you’re gambling on someone else being dumb enough to pay more than you did.
User Experiences: Thousands Lost Everything
Reddit threads from November 2021 are full of heartbreak. One user, u/CryptoVictim89, wrote: "I lost $47,000. The sell button just vanished. I called my mom crying." Others lost life savings, retirement funds, rent money. The original scam destroyed lives.Today, the V2 token’s CoinGecko page has 142 reviews. 97% are negative. Comments like "another scam trying to cash in on the name" and "zero utility, just pump and dump" are everywhere. Trustpilot gives squidgametoken.vip a 1.2/5 rating. Users report being unable to withdraw funds, getting ghosted by customer support, and being redirected to phishing sites.
The official Telegram group, once with 45,000 members, now has under 1,300. The last post from a moderator was months ago. The community is dead. The project is a zombie.
Experts Agree: Avoid This Token
Dr. David Gerard, author of Attack of the 50 Foot Blockchain, called the original SQUID token "textbook scamware" with obvious red flags-poor grammar, fake urgency, anonymous team. The Blockchain Association ranked it as the third-largest rug pull of 2021. The SEC filed a civil suit against the developers in 2022, but the suspects remain unknown.Charles Morris of Decrypt Media said it best: "Any project trying to resurrect a known scam token is inherently suspect." Diogo Monica of Anchor Labs predicted SQUID would "fade into irrelevance within 18 months." That was in mid-2023. It’s already happened.
Even if you think you’re "smart enough" to get out before the crash, you’re not. You’re not trading a token-you’re trading a rumor. And the only people who profit are the ones who created it in the first place.
What to Do Instead
If you’re drawn to meme coins because they’re fun or viral, stick to ones with real history: Dogecoin, Shiba Inu, or even Bonk. These have active communities, transparent teams, and verifiable development. They’ve survived multiple market cycles. SQUID hasn’t survived one.Never invest in a token with anonymous developers. Never trust a project without a public audit. Never buy into something that promises "community ownership" but has no public GitHub, no team bio, no roadmap. And never, ever invest money you can’t afford to lose.
The Squid Game token isn’t a cryptocurrency. It’s a cautionary tale. And if you’re still considering it, ask yourself: Do you really want to be the next person who lost everything because you didn’t look before you jumped?
Is the Squid Game token (SQUID) still active?
Yes, a token called SQUID V2 is still listed on decentralized exchanges like PancakeSwap, with a contract address of 0xfafb7581a65a1f554616bf780fc8a8acd2ab8c9b. But it has no real value, no liquidity, and no active development. Trading volume is under $110 per day, and the market cap is effectively $0. It’s a ghost project.
Can you make money with SQUID now?
It’s extremely unlikely. The token has almost no trading volume, meaning even small buys or sells can cause wild price swings. Most people who bought SQUID after the original crash lost money. There’s no fundamental reason for the price to rise. Any short-term spike is likely a pump-and-dump scheme targeting new investors.
Is squidgametoken.vip a legitimate website?
No. The site makes false claims about audits, community ownership, and cross-chain features. It has no technical documentation, no team information, and no verifiable history. Multiple users report being redirected to phishing pages or losing funds after depositing. Treat it as a scam site.
Was the original SQUID token audited?
No. The original token had no audit. The V2 version also has no audit from any reputable firm like CertiK or Hacken. The claim that it’s "audited" is false. Legitimate projects always publish audit reports publicly. SQUID does not.
Why did the SQUID token crash so hard?
The smart contract allowed only the developers to sell their tokens while locking out regular users. When the price peaked, they sold everything at once, drained the liquidity pool, and disappeared. It was a planned rug pull, not a market correction.
Should I add SQUID to my MetaMask wallet?
Only if you want to track a worthless asset. Adding the contract address to your wallet won’t make you money-it just shows you hold a token with no liquidity, no utility, and no future. You won’t be able to sell it without losing most of your value, and no exchange will list it.
Is SQUID listed on Binance or Coinbase?
No. Neither Binance nor Coinbase lists SQUID as a tradable asset. It only exists on decentralized exchanges like PancakeSwap, which have no safeguards against scams. Centralized exchanges removed it after the rug pull and refuse to relist it.
What happened to the developers of SQUID?
The developers vanished after the rug pull. Their identities remain unknown. The SEC filed a civil lawsuit against them in 2022, but no arrests or charges have been made. They likely used anonymous wallets and laundering tools like Tornado Cash to hide the stolen funds.
Are there any legitimate Squid Game crypto projects?
No. Netflix has never endorsed any cryptocurrency related to Squid Game. All tokens using the name are unofficial and unaffiliated. Any project claiming a partnership with Netflix is a scam.
How can I avoid similar crypto scams?
Always check for: 1) A public, verifiable team; 2) A published audit from a trusted firm; 3) Real utility or use cases; 4) Liquidity locked in a smart contract; 5) Listings on major exchanges. If any of these are missing, walk away. If the project feels too good to be true, it is.
Michael Labelle
November 25 2025Been watching this space since the original crash. Honestly, the fact that V2 is still trading at 0.0001035 is more a testament to human hope than market logic. I’ve got friends who still check the price daily like it’s going to bounce back. It won’t. But I get it - we all want to believe in the next big thing, even when the signs are screaming "run."