My First Loss in the Crypto Space
It all happened when I participated in the Catly Ponzi scheme.
Last year, a friend introduced me to the crypto project "Catly." To earn Catly tokens, you stake your initial sign up bonus, and after a specific period, your staked Catly tokens yield additional tokens, creating a continuous cycle.
When he first told me about it, he had about $17 in his account so when I showed interest, he offered to sell his account to me. Since he already had a some referrals, I bought his account.
Actively involved in the Catly crypto project, I consistently staked and earned rewards, increasing my token holdings. To boost my earning rate, I spent $47 on additional tokens, totaling $64. Enjoying substantial earnings, I withdrew $23, leading to a daily earning rate exceeding $2.
later on my friend who referred me warned me that it resembled a Ponzi scheme suggesting that I unstake and withdraw all my funds but I refused.
When it finally happened, I lost everything, over $100 😔 . They disabled withdrawals saying that they were moving to the next phase that involved launching their mainnet and crediting our wallets with the Catly tokens stuff like that. That stupid naive version of myself actually believed that. Since then up till now, they have done nothing.
Their site still remains functional up till now (catly.io) but I can't withdraw my funds. I ignored my friend's warning and ended up losing everything, only managing to withdraw twice, which didn't cover my initial investment.
I learnt the hard way from this experience. There are many legit crypto projects you can earn from like some airdrop - an example Ice. But a definite red flag is when you're asked to invest real funds to participate or increase your earnings just like in Catly.
And also before you take part in any investment scheme not just crypto related, make thorough investigation and research to avoid losing your funds. This loss made me a new man 😊. Damn!
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Good morning from Nigeria.
