Squid Game is based on the BEP-20 meme token on BSC. According to the project, it was inspired by the Netflix series Squid Game of the same name. Squid was listed at $0.01 and its value increased exponentially, and on November 1, the price of Squid rose parabolic to an incredible $2,861.80, driven by the token "anti-dumping mechanism." Anonymous developers then started selling heavily, dropping the price to $0.00079 in five minutes, a drop of more than 99%.

According to BscScan transaction records, the project development team has accumulated at least $3.4 million in investor funds (in the form of BNB). After the price fell to zero, the project's development team published a notice in the community that "the project was hacked, the price is abnormal, the developers will give up the project, and to the community governance."

Incredibly, the token continues to trade and has risen several times from its near zero low. Apparently, some Squid Game investors are still hoping for a revival of the project, despite binance's investigation into the missing funds.