Squid game was a token built around a show that was meant to be a commentary on capitalism where everyone who participates in the game dies. Well, almost everyone.
One old man, the #1 participant, created it. Then invited a host of others to participate for a chance at millions. Statistically the odds were stacked against them, and they played anyway. All but one lost everything.
Everyone who invested in SQUID token chose to do so, knowing the show/game it was based off of.
Sounds like SQUID did exactly what is was created to do as well, but nobody wanted to read the white paper. Locked into a coin for three years? Who made that move? Who actually read the white paper and said "this is a great idea?"