My first crypto scam experience - 602 days ago

9Y8L...zbDB
7 Jul 2022
36

Crypto scams are rampant these days, this wasn't the case for ME 602 days ago. As a newbie in the crypto space, I just felt every project meant well to its investors. But this one experience changed my perception of the crypto space.

2020 was a great year for Me, that was when I made my first good cash in crypto, I was so happy and ready to multiply it within splits of seconds. That was the newbie-crypto-greed talking in ME. 

Then, there was this DEX I and my friends used for transactions, the name was bscswap, Unlucky for ME, it was the period of my first crypto-cash out, that bscswap decided to execute a major crypto scam. 

Just like every staking pool that exists, bscswap had theirs with a very high APR, it was so high that staking in the pool would give you a return on investment worth your capital within hours.

The staking pool accepted different crypto assets, which for staking, users would receive their native token- $BSCswap. On the launch of the pool, the token price was ~$500. And with my little cash, I was already earning over 1 $BSCswap, wow. 

I was compelled to move all my funds to the pool in order to make the most of it, even when we were told that after staking, it will 3 days before we could start claiming the rewards.

I realized I was being scammed when I tried withdrawing my funds from the pool but couldn't, I became devastated but couldn't help but gp take a nap.

Well, few mins before claiming was to begin, the price of BSCswap dropped from ~ $500 to $1+, I lost it all. Also, the pool's APR dropped to scrap, it was just impossible to earn from it. 

That experience made Me wiser, and till date, I am very careful about generous APRs

Once bitten, twice shy

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3 Comments

B
Draxpart
More APRs will eventually drops as pools get huge and filled.
Trekkie
It must have been pretty sad to get scammed of your first earning in the crypto space. I'm glad you did not give up on the space. What a great success story. Thank you for sharing this great piece. My first scam experience wasn't anything serious tho