⚠️ Recently, I became a victim of a sophisticated scam scenario on Binance Futures, where traders are gradually drained by funding fees after being lured into a well-designed trap. This is how they manipulate:
1. List a worthless junk token: No application, no real liquidity. Only 2–3% of the supply is airdropped, the rest held by the team and the exchange. There are almost no sellers in the spot market, but futures have opened immediately.
2. Push the token price up by 5–10 times: Due to a lack of real selling pressure, just a few million dollars can push the market cap up to hundreds of millions to $1 billion – completely artificial.
3. Lure traders to short: Everyone thinks this junk token is worthless → short. But they don’t realize they are being trapped.
4. Start pushing funding: The funding rate is pushed up to 0.3–1%/hour, paid 24 times a day. Shorts lose money continuously even without being liquidated. Can't escape due to heavy losses, funding is gradually wiping out capital.
5. Continue pumping to liquidate: After the funding has drained everything, the price is pushed further to liquidate all short positions. One arrow, two targets: funding fee + liquidation.
Real-life example: Token $M (Memecore), $H, ...
I shorted at $0.21 → Price was pumped to $0.43. Funding ~0.5%/hour → I lost $300 in funding on a $1000 position in just a few days. Market cap was inflated to $1 billion, while there were no real trades on the spot. It felt like being slowly killed, with no way to escape.
Advice:
– Absolutely do not short junk tokens.
– Don't believe the funding rate is 'natural'.
– Be cautious of newly listed futures tokens too early.
– If you are also a victim, do not stay silent.
I will post this regularly – to warn the community. This system is no longer a market – it is a trap.
$BTC $ETH $SOL
