I’m sharing a tough lesson I learned the hard way, hoping it saves someone else from the same nightmare. In February, I faced a shocking ordeal that left my bank account frozen—and it all started with a simple peer-to-peer (P2P) crypto trade.
It began like any other day. I was grabbing a quick meal and tried to pay using UPI. The payment failed. I tried again, but the same error popped up. Something felt off, so I contacted my bank. Their response hit me like a ton of bricks: “Your account has been frozen due to suspicious transactions involving illegal funds.”
Panic set in. After hours of digging, I uncovered the truth. A person I’d traded with on a P2P crypto platform had been involved in fraud. Since I unknowingly received funds from them, my account was flagged alongside theirs, even though I was innocent. The worst part? Months later, my account is still frozen, leaving me in a financial bind.
Here’s what I wish I’d known before diving into P2P crypto trading. These tips could protect you from a similar fate:
1. Steer Clear of Risky Profiles
Only trade with users who have a solid track record. Look for at least 50 completed trades and a completion rate above 95%. Anything less is a red flag.
2. Verify Names Match
Ensure the sender’s bank account name matches their crypto exchange profile name exactly. Mismatches are a common warning sign of trouble.
3. Take Your Time to Verify
Never rush a trade. Double-check every detail before hitting “Transfer.” One mistake could lock your account for months—or worse.
This experience cost me time, money, and peace of mind, but sharing it might help you avoid the same trap. Protect your funds, trade cautiously, and stay safe.