p2p scams I lost 20,000 dollars binance

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One day, you decided to try P2P trading on Binance, intrigued by the potential to buy cryptocurrencies directly from other users. After browsing the marketplace, you found a seller offering a great rate, with positive reviews and a verified profile. Feeling confident, you transferred the required funds to the seller’s bank account.

However, after the transfer, things went wrong. The seller claimed they hadn't received the money and began pressuring you to release the crypto. When hours passed and they stopped responding, you checked the platform and found that the seller had disappeared.

Your $20,000 was gone. You contacted Binance support, but since P2P trading is decentralized, there was little they could do. The loss left you financially and emotionally drained, but it was a wake-up call about the risks of P2P trading.

You learned that while Binance’s escrow system provides some protection, it’s crucial to be extra cautious and double-check everything in a P2P transaction. The experience also helped you understand the need to better spot potential scams. Though the loss was painful, it taught you valuable lessons on crypto security and trading practices.