This week, Laci welcomes Kevin Ninh, aka FlawlessKevin (Squid Game: The Challenge), to unpack the story behind the viral cryptocurrency SQUID — a scam that rode the wave of the first season of Squid Game on Netflix. The creators made off with approximately $2.5 million, inspiring the second season of the show to feature a crypto scammer character who exploits fellow players on the island. Plus, in Scammer of the Week, a California pastor and former city council member is hit with an 11-count federal indictment after allegedly defrauding friends and a nonprofit out of more than $230,000. Stay schemin’!

 

Keep the scams coming and snitch on your friends and family by emailing us at [email protected].

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Kevin Ninh: @flawlesskevin

 

Research by Kathryn Doyle 

 

SOURCES

https://www.forbes.com/sites/jonathanponciano/2021/11/01/viral-squid-game-cryptocurrency-crashes-100-in-minutes-after-founders-reportedly-run-away-with-25-million/

https://gizmodo.com/squid-game-cryptocurrency-scammers-make-off-with-2-1-m-1847972824

https://www.wired.com/story/squid-game-coin-crypto-scam/

https://www.theguardian.com/tv-and-radio/2023/jan/12/squid-scam-podcast

https://www.klfy.com/business/press-releases/ein-presswire/654640996/the-wacky-story-behind-the-squid-games-coin/

https://gizmodo.com/squid-game-cryptocurrency-scammers-make-off-with-2-1-m-1847972824

https://www.securities.io/5-worst-rug-pulls-in-crypto/

https://edition.cnn.com/2023/01/22/business/ruja-ignatova-cryptoqueen-fbi-most-wanted-cec

https://www.cryptopolitan.com/squid-game-takes-a-jab-at-crypto-scammers-in-latest-season/

https://www.latimes.com/california/story/2025-03-08/san-bernardino-pastor-alleged-con

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