Technically the vampire squid is named the vampire squid from Hell (Vampyroteuthis infernalis) so maybe it’s fitting that they’re dwellers of the deepest oceans. It is an odd little creature in that it’s the only surviving member of its family which hold traits from both squid and octopuses (octopi? I know I’ve seen a comic about this… And I have!) and thus it isn’t really either. Apparently they get their name because they have red eyes and, depending on the lighting, either a black or red “cloak” between their tentacles. The bony spines in each tentacle (visible as the white dots above) probably help some too.
All the cool things about vampire squid are also related to the deeps they live in. Their blood for example is literally blue and much more capable of transmitting oxygen than our weak, red blood. Their blood is the most likely reason for them being able to not only survive but thrive in the hostile, oxygen poor conditions of the deep ocean. If they are threatened, instead of ink they spray a bio-luminescent mucus that makes the attacker literally see stars in the eternal darkness down there. And, to be perfectly honest, the squid themselves are bio-luminescent, their bodies emitting weak, bluish light in strips from head to toe.