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To see the giant squid on club penguin just go play aqua grabber! Oh and if you do see the squid you get a stamp.
play 5 times, and on the 5th time, it will show up
grab it hahahahaha
The rare treasure on aqua grabber is the black pearl on clam waters it is worth 50 coins. There you have it!
If your meaning the aqua grabber squid then i don't know but if you're meaning the suit that's easy if the play squidzoid vs Shadow guy and gamma girl then go to the costume trunk at buy it from their.