TO Squid-inspired cryptocurrency now it's worth nothing just one day after its worth increased by more than 45,000 percent.
The cryptocurrency Squid, based on the hit Netflix show, plummeted to $ 0 on Monday after it was reported that it could be an alleged scam. At its peak on Sunday, the squid crypto The token was valued at $ 2,856 (£ 2,090).
The cryptocurrency's growth had skyrocketed a week after its launch. But those who invested in the Squid token have now potentially lost millions.
Its current valuation shows that it is worth $ 0.00322 (£ 0.002356), according to CoinMarketCap, a cryptocurrency price tracking website.
The cryptocurrency's social media accounts, including the Twitter account, have disappeared. The social media giant had previously said that it had temporarily restricted Squid's account due to "suspicious activity."
The cryptocurrency website and its white paper detailing the cryptocurrency have also disappeared.
Several investors had previously complained about grammatical errors in the white paper, indicating the first signs of trouble.
After Squid's value plummeted, market viewers took to Twitter and criticized its authenticity.
Emin Gun Sirer, CEO and founder of blockchain industry platform Ava Labs, said: “99.99 percent drop in squid game token. I mean, what did you guys expect? "
There was nothing behind the cryptocurrency except that it took its name from a popular show, he added.
A video on Twitter showed a man tracking the value of the coin just as it collapsed. "It went to zero", the man can be heard screaming in the video.
Forecasts indicated that the creators of Squid could have made $ 2.1 million (£ 1.5 million) after the accident, according to Gizmodo.
The Squid token was among the most viewed new cryptocurrencies. It was introduced as part of a project where people could buy tokens to participate in online games with which they could win more tokens and exchange them for other cryptocurrencies or fiat money.
It would later be used in a highly anticipated online game based on the show that was scheduled to launch this month.
"The more people join, the bigger the rewards pool," the cryptocurrency whitepaper had said, adding that "10 percent of the entry fee will be sent to the developers' wallet and the remaining 90% will be added to the reward pool for the last winner of the game. "
Squid It has become one of the most-watched series of all time, and Netflix says it was watched by more than 111 million people in the nearly four weeks from its launch to October 12.
