In 2021, a meme coin called Squid Game Token (SQUID) launched, supposedly inspired by the hit Netflix show. The token skyrocketed over 75,000% in a few days, reaching $2,861 per token. But there was a catch—investors couldn’t sell their tokens due to a shady “anti-dumping” mechanism.

Then, in a classic rug pull, the developers vanished with over $3 million, crashing the token’s price to near zero in minutes. Turns out, they had no connection to Netflix or the show at all.

It was one of the most infamous scams in crypto history, but despite this, people still keep falling for new pump-and-dump schemes.