Looks like it is not as overpowered as I thought it was. It can use a cost increase (+1 for playing), but Squid is superior. I'm still not happy with it being able to deal damage to creatures based on its attack though.
I wouldn't call squid superior.
1) Unupped, this card is two less quanta (1 to play, +3 to keep in delayed for 3 turns) versus squid (3 to play, +3 to keep frozen for 3 turns). Versus one monster, unupped, this card is superior. Versus more than one monster, squid becomes superior, for a large drain on your water quanta.
2) Upped, this card is one less quanta (1 to play, +4 to keep delayed for 4 turns) versus squid (3 to play, +3 to keep frozen for 4 turns). Versus one monster, this card once again wins again. Versus more than one monster, squid becomes superior, again, for a large drain on your water quanta.
But, that's not the whole perspective. What squid lacks is a way to kill the monster. If this card is momentumed or CPed, this card starts
killing monsters, while stopping their attack. This card can deal with the problem, not just stop it. There is also the matter of the defense. Three defense vs two for unupped, the only thing this really prevents is an icebolt, and oty. Upped, this card gains a huge advantage. RoF, pump spells, oty, become nothing to this creature.
Then again, squid also has the benefit that even if squid is removed from the field, it's effect stays for a turn or two after. It's also better with SoR.