SQUID Token: A Double Dip Scam

The SQUID token rug pulled people --- then a fake law firm took people's money to pretend to sue them.

SQUID Token: A Double Dip Scam
Photo by Sung Jin Cho / Unsplash

SQUID token, a cryptocurrency that took its name from the popular Netflix show Squid Game, is a fraudulent scheme that has cost investors an estimated $16 million in losses. The scammers launched the token with the aim of inflating its value and selling it to as many investors as possible. The scam was so successful that even major publications like BBC, CNBC, and Yahoo took notice.

In the podcast series “Squid Scam: Chasing the NFT Con Artists,” the hosts tracked down and contacted SQUID’s domain name service. The company claims they were unaware of the scam  and cooperated with investigations. In the info from that domain name service, there were phone numbers, names, and addresses. That’s a pretty good place to start.

Further investigation connected this person with scams dating back to 2013. Investigators emailed the scammer’s email address, which when it was opened, revealed that they were based in Hong Kong. You’d be amazed what you can find out from an email. The suspect’s name was connected to a technology company established in April 2021 in Guangdong province in South China.

When investigators went to Hong Kong, they found the location empty, and they later found out that police had showed up 6 months prior. The scammers have yet to be tracked down.

To add insult to injury, a fake legal firm charged investors for suing the SQUID scammers but disappeared with their money. Victims of the rug pull were urged to join the supposed legal action. The scammers are believed to have carried out a smaller, almost identical scam a few weeks earlier to test the waters.