Here is my #ScamRiskWarning story. Year 2022, am quite new to Smart Contrac. A friend introduced me to a smart contract "ponzi-scheme" referral based investment.
We had a few live sessions on their YT channel. I invested $1500 (in BNB). You could only withdraw a certain amount per day valid for 90 days (3 months). Referrals earned you a commission . I only managed 2 refs.
Around day 65 withdrawals started delaying.
Remember someones day 1 was anothers day 50 etc. By my day 70, no withdrawals at all could take place. My friend and I went into "FBI" mode, we scoured the site and internet for information, couldn't find the owners, the YT channel went silent, the telegram channel was deleted. We had nowhere to report, nothing to do. We got back about 75% of our investment but referrals lost almost 90%.
We learnt that this was a Ponzi pyramid scheme that promises high returns on investment but operated by paying of early investors with money from new investors .
Here is how to avoid such.
#ScamRiskWarning 1) beware of too good returns #DYOR!! 2) research project and team behind it BEFORE investing 3)use reputable investment platforms .
