Crypto-currency markets are being rocked after a popular token lost 99% of its value, dragging down a so-called "stablecoin" with it.
The Terra Luna token tumbled from a high of $118 (£96), keep going month, to $0.09 on Thursday.
The breakdown significantly affected a connected token, TerraUSD, which is regularly steady.
Furthermore, frightened financial backers are presently pulling out of major cryptographic forms of money, sending markets diving.
The organizations behind stablecoins attempt to guarantee they stay in equality with resources like the US dollar - with one token equalling $1, for instance.
Be that as it may, on Thursday TerraUSD tumbled to $0.4 as per the exchanging site Coin Market Cap.
Tie, the most famous stablecoin, additionally tumbled off its US dollar stake - to an unequaled low of $0.95.
The expression "cryptocrash" has been moving on Twitter and Google Search.
Also, the consolidated market worth of all digital currencies is presently supposedly $1.12trillion, about 33% of its November esteem, with over 35% of that misfortune coming this week.
One Bitcoin is currently worth about $27,000, its most minimal worth since December 2020 and down from a high of almost $70,000 before the end of last year.
Ethereum, the second biggest coin by esteem, has lost 20% of its worth in 24 hours.
"The breakdown of TerraUSD has begun what we used to call 'the frenzies', when major monetary organizations auction off huge pieces of resources and every other person attempted to take their cash out as fast as possible," market analyst Frances Coppola said.
"Panic is exactly what's going on here."