Here is the story of how I lost $500
The dark side of an unregulated NFT/Crypto Market.
- thread -
The dark side of an unregulated NFT/Crypto Market.
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1/
The craze begins with FOMO, those restless nights tossing and turning thinking everyone is getting rich but me.
The craze begins with FOMO, those restless nights tossing and turning thinking everyone is getting rich but me.
2/
All these new twitter accounts talking about their new shiny NFTs, and how they went from $1000 to $1million in less than a few months.
Exacerbated by……
All these new twitter accounts talking about their new shiny NFTs, and how they went from $1000 to $1million in less than a few months.
Exacerbated by……
3/
….celebrities acting like Messiahs, preaching about their NFTs and how they are going to moon.
Adding fuel to this already growing fire, those we look up to bring waves of new participants to the ecosystem, who are all ready to make their fortunes- including me.
….celebrities acting like Messiahs, preaching about their NFTs and how they are going to moon.
Adding fuel to this already growing fire, those we look up to bring waves of new participants to the ecosystem, who are all ready to make their fortunes- including me.
4/
This unregulated market begins to attract the attention of bad actors too, who lurk in the shadows prying on the ignorant, desperate, and the greedy - including me.
All this while many turn a blind eye.
As long as they get their fees or become rich, right?
This unregulated market begins to attract the attention of bad actors too, who lurk in the shadows prying on the ignorant, desperate, and the greedy - including me.
All this while many turn a blind eye.
As long as they get their fees or become rich, right?
5/
In these shadows, they wait to take advantage of the ignorant who have decided to play this game.
“A fool and his money are soon parted” they all mutter to each other.
*Unforgiving APES I call them.
#nftcollector
In these shadows, they wait to take advantage of the ignorant who have decided to play this game.
“A fool and his money are soon parted” they all mutter to each other.
*Unforgiving APES I call them.
#nftcollector
6/
These eerily creatures in the shadows wait for these new participants to learn about the secondary market @opensea where they can buy these NFTs before they make their moves.
These eerily creatures in the shadows wait for these new participants to learn about the secondary market @opensea where they can buy these NFTs before they make their moves.
7/
These newbies link their wallets to the @opensea site, most of these fortune seekers will opt for @MetaMask to do this.
(A web3 crypto wallet that allows you to transact on the web)
No support, no regulation, it’s all undiscovered terrain, and you dare travel alone.
These newbies link their wallets to the @opensea site, most of these fortune seekers will opt for @MetaMask to do this.
(A web3 crypto wallet that allows you to transact on the web)
No support, no regulation, it’s all undiscovered terrain, and you dare travel alone.
8/
Once everything is set up, then their treasure hunt for the next 100x NFT bagger begins.
They load their Ethereum and are ready to pull the trigger…..
But wait……..
Once everything is set up, then their treasure hunt for the next 100x NFT bagger begins.
They load their Ethereum and are ready to pull the trigger…..
But wait……..
9/
Their MetaMask wallet is hacked and all their Ethereum is stolen from right under their nose.
How could this be?
Who do they turn to for help?
It’s a dangerous game to be playing, especially going in blind.
All transactions are irreversible and there is no1 to help you.
Their MetaMask wallet is hacked and all their Ethereum is stolen from right under their nose.
How could this be?
Who do they turn to for help?
It’s a dangerous game to be playing, especially going in blind.
All transactions are irreversible and there is no1 to help you.
10/
Feeling lost and helpless with no one to help them, they turn to @etherscan to follow the transaction and see that a phishing account has emptied their @MetaMask wallet.
Feeling lost and helpless with no one to help them, they turn to @etherscan to follow the transaction and see that a phishing account has emptied their @MetaMask wallet.
11/
An account known for such that still is allowed to operate- crazy times.
Their next move is to comment on that wallet’s address to inform other’s about the danger of this account.
What are they met with? 👇🏽
An account known for such that still is allowed to operate- crazy times.
Their next move is to comment on that wallet’s address to inform other’s about the danger of this account.
What are they met with? 👇🏽
12/
Another scammer offering to help retrieve the stolen ether.
You can’t make this stuff up. They will suck you dry if you aren’t careful out there.
#scam
Another scammer offering to help retrieve the stolen ether.
You can’t make this stuff up. They will suck you dry if you aren’t careful out there.
#scam
13/
This was my bad experience, but I take it as a learning curve.
I only loaded money I was prepared to risk, because I knew there was a chance of losing it.
It’s still an unpleasant experience being robbed, but life must go on.
Below are some tips to protect yourself 👇🏽
This was my bad experience, but I take it as a learning curve.
I only loaded money I was prepared to risk, because I knew there was a chance of losing it.
It’s still an unpleasant experience being robbed, but life must go on.
Below are some tips to protect yourself 👇🏽
14/
If you plan to use @opensea or @MetaMask
Make sure to:
• Keep your recovery password safe.
• Only have one tab open when using MetaMask.
•Don’t browse other sites while your MetaMask is unlocked. Lock it at all times.
•Don’t share your password with anyone
If you plan to use @opensea or @MetaMask
Make sure to:
• Keep your recovery password safe.
• Only have one tab open when using MetaMask.
•Don’t browse other sites while your MetaMask is unlocked. Lock it at all times.
•Don’t share your password with anyone
• Use a different browser to transact with.
•Don’t store your Crypto on MetaMask
• Only store what you can afford to lose
•Don’t reuse a password that you use elsewhere.
•Consider using a hardware wallet.
•Don’t store your Crypto on MetaMask
• Only store what you can afford to lose
•Don’t reuse a password that you use elsewhere.
•Consider using a hardware wallet.
15/
I hope this thread helps you to make better decisions
Don’t be in a rush to get going just because twitter is producing millionaires overnight
You could lose everything you have worked for just like that, so be careful and do your homework before you get into this game.
I hope this thread helps you to make better decisions
Don’t be in a rush to get going just because twitter is producing millionaires overnight
You could lose everything you have worked for just like that, so be careful and do your homework before you get into this game.
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