How I lost 100% of my investment in crypto
When something is too good to be true…
A few days ago, I was browsing through my Medium feed and came across how this guy and his friend me was making an insane amount of money (about USD 1000er day from a USD 25000 investment)*
I have always read about scam and rugpulls (where the developer of the protocol “Pulls the Rug” from under investors) before, but I haven’t experienced one myself so I didn’t heed the “usual” telltale signs:
- Very high APY (they were advertising the yield at 2 BILLION %)
- A young project (just launched for a month or two)
- An insane amount of growth within a short time
I put a little under USD 1000 into the TITAN-MATIC vault on Polycat, and after the first day, I did see the investment grow to USD 1100. The pool was also auto-compounding so I didn’t need to do manual work, like harvesting, etc to reinvest earnings.
This morning, I went to the site to check on how my investment was doing. It was showing that the TITAN token is now zero.
I initially thought it was a problem or bug with the UI frontend of the site, but going on Telegram, I realized that the developers have removed their chat page. On the Polycat chat page, there were many investors crying about their losses in TITAN and IRON, as well as a few posts analyzing the situation (summary: it was a scam or rugpull). I learnt that many people have lost a lot of money, and my 1K position pales in comparison.
My investment is now literally a few cents from my 1K capital.
Iron Finance also put a banner on their webpage not to buy IRON or TITAN, and an explanation is due.
It would be convenient to place the blame on the hackers, spammers, developments, or the Medium article that led me into this investment, but in truth, I can only blame myself for being greedy; for jumping into an investment without much study and due diligence.
But since the amount I put in is something I can bear to lose 100%, I don’t feel that terrible.
I guess I paid some “school fees” today — I’m the guy who ended up with the experience, while some other guy ended up with my money…