Mine too it was a very rubbery sounding loud squeak, I sold them though
Leather Shoes Squeak: Common Projects - Page 2
The squeak comes from the from the tongue rubbing the high side of the shoe right where the eyelets are.
Anyone know if olive oil stains....i assume it probably would.
it's not yellow when you rub into the leather. i use it on white kangaroo leather all the time
Hopefully nobody minds the necro, but this is the first result that comes up when searching "common projects squeak" so thought I'd share. Just bought a pair of white Achilles lows and they were squeaking so loudly, but I put some baby powder on the tongue and it's completely gone. Hopefully this info helps some future CP owners.