This is Tom. Tom is in great despair with no one to console him. He listened to a Binance FUD, tried to play smart and lost his entire life savings in the process. How did that happen?
Chad Tom Makes Crypto Gains
Tom got into crypto for the first time in 2020. He bought $BNB at $13, some cheap $SOL, $DOGE and $FTM on Binance. He held all with his diamond hands through the bull run and sold at the top. He's smart.
When Bitcoin took a dip, he stopped trading and kept all his funds on Binance. He made his money on the exchange, and trusted the exchange. I mean, why not?
What Tom knows how to do best is buying dips, hold and sell at the top. That was his plan for the next bull run, until something happened.
The Waves Of Binance FUD
Time was scrolling through Twitter one day and he stumbled on some Binance FUD. One of the news said Binance was insolvent. Another said Binance was commingling user funds.
Initially, he believed it was just one of those FUDS that pops up every now and then. Few days later, however, he saw a tweet that said CZ haven't tweeted for more than 19 hours, that he must've been arrested.
Tom got scared and decided to withdraw all his funds to his wallet. It's his money, so he can do whatever he likes with it. But something happened.
Tom wanted to deposit his money in a lending protocol to earn some yields. He felt his money will be safer that way till whenever he is ready to buy dips again.
All Money Lost, No Hope For Tom
His money was on the BSC network, but the lending protocol is on Ethereum network. So, he decided to use a bridge to transfer his money over.
What bridge did Tom Use? None other than Multichain, the bridge his friend recommended. Tom made the transfer and was waiting to receive his funds on the Ethereum blockchain.
Two minutes, 10 minutes, 1 hour... the funds never arrived. Tom was wondering what was going on. He asked his friend, Jude, who recommended Multichain to him what could be wrong. Jude told him to wait a while, that such transfers may take much time sometimes.
When Tom couldn't take it any longer, he went online to find out if anything was wrong with Multichain. What he found out shocked him to his bones.
He soon found out that the bridge was paused as a result of an exploit that saw $120 million stollen, weeks after the founder was arrested for fraud. Tom's funds was gone, and there was nothing anyone can do at this point.
Money he had held on Binance for almost two years, now lost just the one time he decided to withdraw. You can imagine how Tom was feeling at this point.
On top of it all, CZ later tweeted that day, and he has been active since. Apparently, it was all a coordinated attack on Binance. Maybe to drive prices down, or for some other reasons we will never know.
Are There Any Lessons We Can Learn From Tom?
Oh yes. Many actually. I'll share some, and you can add yours in the comment section below.
Never take action based on FUD. When in doubt, verify
Don't make huge decisions with emotions
Before transferring large amounts, always send a test transaction
What did you learn from Tom? Share your thoughts below.
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