📉 The thousand dollars turned into $0.11 - a huge mistake in the world of cryptocurrency 💀
David was 22 years old.
Student. Freelancer.
He saved $1000 after months of hard work online - and wanted to turn it into something big.
In 2021, everyone was printing money with cryptocurrency.
Dogecoin was achieving remarkable success, and BNB was at its peak. New "100x gem" tokens were being launched daily.
David joined a Telegram group where they were promoting a new coin - let’s call it "MoonPaws."
The developers seemed active. The website looked good. Even some influencers on Twitter posted about it.
"This is the next Shiba Inu!"
"Low supply, crazy tokenomics - don’t miss it!"
"$100 today could become $10,000 in a month!"
He was hit by a strong fear of missing out.
Joined PancakeSwap. Bought $1000 worth of MoonPaws.
The price started to rise, by 10%, then 25%.
It was buzzing.
But then he tried to sell.
Nothing happened.
Try again...
Then again.
Still nothing.
David checked the contract - it was a honey pot.
You could buy the token... but you couldn't sell it.
Never.
Suddenly, the Telegram group disappeared.
The site disappeared.
Liquidity was pulled.
In seconds.
The thousand dollars he had turned into... a coin worth $0.11 that no one could cash out.
💡 Lesson:
David didn't give up.
He learned the hard way, but became smarter and safer - and more cautious.
🚨 So how can you avoid this mistake?
✅ Use Honeypot checking tools: Websites like honeypot.is or tools on DexTools can tell you if the token is sellable.
✅ Check the contract: Always read the smart contract or consult a specialist. Watch out for high taxes, blacklists, and unusual functions.
✅ Avoid projects that rely solely on hype: If all the value comes from the hype on Telegram or Twitter, that's a red flag.
✅ Look for locked liquidity and relinquished ownership: If the developers control the contract or LP, they can relinquish ownership at any time.
✅ Tip: Don’t trust influencers blindly. Do your due diligence on the project.
Cryptocurrencies are powerful - but they are unforgiving to the reckless.
Learn from David. Don't be the next victim.
Have you ever been scammed? Share your story in the comments - someone might avoid the same trap thanks to you.