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TreasureNFT, which positioned itself as a "global platform for trading NFTs with algorithmic support," has actually turned out to be one of the largest financial pyramid schemes in recent years. Despite the fact that the project was launched in October 2022 and was advertised as an innovative solution for the NFT market, its activities have led to serious losses for thousands of investors.
In this investigation, we will analyze how this scheme worked, why registration with the U.S. FinCEN does not guarantee the reliability of the project, and how scammers use false audits and SPAC listing to divert attention.
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Balance Doubling Promotion: The Final Step to the End
One of TreasureNFT's key marketing moves was the latest promotion, which offered users the chance to double their balance by topping up their account with certain amounts. However, this was the end of the classic Ponzi scheme.
The promotion started on March 24, 2025, and from that day on, the platform began to delay payments. First, users faced a 168-hour (7-day) pause, and then the period was increased to 360 hours (15 days). The scammers blamed the high load of blockchain networks, which was a complete lie. You can check this yourself by looking at the load of blockchain networks. After that, they added another blockchain network, SOLANA, to speed up withdrawals. However, many users were unable to link their Solana wallets.
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Why registration with the U.S. FinCEN does not guarantee the reliability of the project
Scammers often use registration with organizations such as FinCEN (Financial Intelligence Unit of the U.S. Department of the Treasury) to make their projects appear legitimate. However, it is important to understand that registration with FinCEN does not guarantee the honesty or reliability of a company. FinCEN's primary objective is to combat money laundering and the financing of terrorism, rather than verifying the financial solvency or legitimacy of companies' business models.
Moreover, FinCEN regularly warns of cases of fraud where criminals use fake documents or fictitious registrations to create the illusion of the legality of their projects.
TreasureNFT likely took advantage of this loophole to convince users of its reliability, although in reality, the project has never undergone independent audits or regulatory reviews.
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Fake audits: another stage of deception
After launching a campaign that doubled the amount of funds when replenishing the balance, the TreasureNFT administration announced an "external audit of the accounting." This statement was intended to reassure users and distract them from the growing payment problems. However, experts point out that no real audits were conducted.
Such "audits" are often part of a fraudulent strategy: scammers create fake reports or use shell companies to simulate legal activity. In the case of TreasureNFT, this allowed them to buy time and continue to attract new users, while laundering users' money using smurfing.
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SPAC listing: more lies
Another alarming signal was the announcement of the upcoming listing of the TUFT token on the US stock market through a SPAC (Special Purpose Acquisition Company). The scammers claimed that this would make the token available to a wide range of investors and significantly increase its value. However, such statements are completely unfounded. SPAC listings require strict compliance and regulatory scrutiny, which TreasureNFT clearly did not undergo.
In addition, the justification for stopping payments in connection with the preparation for listing is also a lie. Experts note that scammers often use such stories to delay the process and make users wait until their money disappears completely.
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Launch of their own token: a new stage of the scam
In an attempt to prolong the life of their scheme, scammers announced the launch of their own token TUFT. According to them, this token was supposed to become a “key asset” for users of the platform. However, experts have already called it a “scam token” that has no real value and was created solely to attract new victims.
Additionally, scammers have created several fake sites such as treasuretokens.xyz and treasure-chain.xyz to confuse and trap users. These sites often copy the design of the original resource, but offer new “investment opportunities” that also turn out to be fraudulent.
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Why is the official website and app still working?
Despite ample evidence of fraud, TreasureNFT's official website and mobile app continue to function. This raises serious concerns as the platform could be used to spread phishing links and collect user data. Installing the app on your phone is extremely dangerous: attackers can gain access to your personal data, including bank card and cryptocurrency wallet details.
Experts strongly recommend uninstalling any TreasureNFT-related apps and avoid clicking on links from suspicious sites. If you have already installed the app, uninstall it immediately and scan your device for malware.
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How does the scam continue?
Even after the payments have stopped, scammers continue to deceive users by promising that “payments will resume soon”. They use psychological techniques, making users believe and wait for a better outcome, because each new post in their official Telegram channel causes excitement and heated debates in communities making users believe that they have not been scammed, imitation of some activity, updating applications, release of the application in the App Store.
They are also actively promoting new “investment products” and offers to buy TUFT. All these steps are aimed at swindling the last money from gullible investors.
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Conclusion: be careful
TreasureNFT is a classic example of a pyramid scheme that works by attracting new participants and redistributing their funds. Despite numerous warnings from experts and regulators, scammers continue to use various tricks to lure new victims.
If you come across offers from TreasureNFT or similar projects, remember: too high promises of returns are always a red flag. Do not invest in dubious projects, especially if they are related to cryptocurrencies or NFT. And remember: it is better to lose a “quick money” opportunity than to lose all your savings.