I've dealt a fair amount of Chinese student type private games in the UK. Squid game = stand up game but you need to show cards before dealer throws the squid. If they forget they sleep the token and its missed. Can create a bit of a weird dynamic between dealer and player if it looks like they are going to forget....some players getting annoying if dealer doesn't muck cards quick enough, raises an eyebrow to player etc etc, which is why I would prefer the Nit Game as onus is on the player to return nit marker after winning a hand.
Some amusing variations that they play :
Unlimited (also called Progressive) Squid - One token given per pot won. Only the first token needs to be claimed with cards shown, consecutive tokens are given out without player needed to do anything. Whoever is left 'standing' pays out fixed value of all markers.
Golden / Platinum Squid - Same as unlimited squid, but if you accumulate 5 / 10 tokens you receive a predetermined multiplier, usually 3x 5x or 10x for Platinum per token. Can get utterly ridiculous as you can imagne, especially if tokens are a significant value in proportion to blinds.