My first crypto scam experience - 602 days ago

7 Jul 2022

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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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
More APRs will eventually drops as pools get huge and filled.