The thousand dollars that turned into $0.11 - a serious mistake in the world of cryptocurrencies đ
David was 22 years old.
Student. Freelancer.
He saved $1000 after months of hard work online - and he wanted to turn it into something big.
In 2021, everyone was printing money with cryptocurrencies.
Dogecoin was a huge success, and BNB was at its peak. New "100x gem" tokens were launched every day.
David joined a Telegram group where they were promoting a new cryptocurrency - let's call it "MoonPaws."
The developers seemed active. The website looked good. Even some influencers on Twitter talked about it.
"It's the next Shiba Inu!"
"Low offer, crazy tokenomics - don't miss it!"
"$100 now could become $10,000 in a month!"
He was hit by the fear of missing out.
Join PancakeSwap. He bought MoonPaws for $1000.
The price started to climb, by 10%, then by 25%.
It was buzzing.
But then, he tried to sell.
Nothing happened.
Try again...
Then again.
Nothing has happened yet.
David checked the contract - it was a honeypot.
You could have bought the token... but you couldn't sell it.
Never.
Suddenly, the Telegram group disappeared.
The site disappeared.
Liquidity was withdrawn.
In a few seconds.
The thousand dollars he had turned into... a coin worth $0.11 that no one can exchange for cash.
đĄ Lesson:
David did not give up.
He learned the lesson the hard way, but he became smarter and more secure - and more cautious.
đš So, how can you avoid this mistake?
â Use honeypot checking tools: websites like honeypot.is or tools on DexTools can tell you if the token is sellable.
â Check the contract: always read the smart contract or consult an expert. Watch out for high taxes, blacklists, and unusual functions.
â Avoid projects that rely only on hype: if all the value comes from the noise on Telegram or Twitter, it's a red flag.
â Look for locked liquidity and abandoned ownership: if the developers control the contract or the LP, they can abandon ownership at any time.
â Tip: do not blindly trust influencers. Research the project thoroughly.
Cryptocurrencies are powerful - but they do not forgive the reckless.
Learn from David. Don't be the next victim.
Have you ever been a victim of fraud? Share your story in the comments - someone might avoid the same trap thanks to you.