The cryptocurrency Squid was launched on October 20 as a currency that could be used in an upcoming "Squid Game" game that would be launched in November.
In just a couple of weeks, the value had risen from the penny to tens of thousands of kronor.
In the midst of the mad rush, some buyers began to notice that they could not exchange or sell the cryptocurrency.
Warning flags were raised but it continued to be traded.
On Sunday evening, the total value of the currency amounted to approximately SEK 20 million.
Has gone underground
On Monday, the cryptocurrency completely collapsed when it became clear that the creators of Squid had deleted their accounts on social media and stuck with the money.
The developers got away with an estimated close to 29 million Swedish kronor, writes the BBC.
Squid is just one of thousands of cryptocurrencies.
Some have been established and are closely monitored by market players, while others have no guarantees as to its authenticity or intentions.