(Duplicated- rejected) Crypto Squid Collapses After Jumping More Than 310,000% in Value

Cryptocurrency Squid collapsed on Monday after jumping more than 310,000% in value as of Sunday night.

The cryptocurrency, inspired by the popular Netflix series Squid Game, collapsed less than two weeks after investors could start buying tokens.

Squid lost all its value after Twitter flagged the cryptocurrency’s account and temporarily restricted it due to “suspicious activity”.

Surprisingly, the token’s website and social accounts have disappeared, along with a white paper describing Squid and the token’s value had spiked to $2,856 right before its collapse.

The token was made available for purchase on Oct 20.

The idea behind the cryptocurrency was a pay-to-play token to play an online game, inspired by Squid Game. In the hit Netflix series, heavily indebted people play deadly versions of children’s games to win cash.

The fraudulent game was set to release in November and its promoters said winners would be rewarded with more Squid tokens. But even as the cryptocurrency’s price spiked in value last week, many were sceptical and noted that the token could be fraudulent.

According to several reports, investors were having trouble selling their tokens and they noted that the cryptocurrency’s white paper was littered with grammatical errors.

According to Gizmodo, the creators of the cryptocurrency could have made off with as much as $2.1m after the token’s crash.

Reports suggest that CoinMarketCap, a cryptocurrency price-tracking website, had warned potential buyers to “please do your own due diligence and exercise caution while trading” and warning them that investors were having trouble selling their tokens.

An anonymous Squid investor told CoinMarketCap, “I lost all of what I had in this project” after investing $5,000 into the cryptocurrency.

Experts have warned investors to be careful when considering purchasing “meme” cryptocurrencies based on cultural phenomena, even if it appears the currency is doing well on the market.