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I was a crypto millionaire in about 5 minutes with $1.3 million

A TRADER shared how he became a millionaire after investing in crypto – but only in 5 minutes when he lost everything when the coin crashed.

Anonymous Reddit user claims he made $1.3 million after investing in SQUID, the digital currency inspired by Netflix’s Squid Game series.

A trader became a millionaire in five minutes after investing in SQUID

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A trader became a millionaire in five minutes after investing in SQUID
The value of the coin drops to 0 dollars

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The value of the coin drops to 0 dollars

The cryptocurrency rallied as high as $2,681 before plummeting to $0, down 99.99% last month.

Gizmodo technology website previously warned that the coin is likely a scam, commonly known as “carpet pulling” that occurs when new cryptocurrency creators quickly cash out their coins for real money.

The Redditor said that he was “intrigued” and wanted to invest in Squid Games for “research”.

He said, “I thought, let me put 10 bucks on this just for fun. I got about 661 SQUIDs.

“As the days went by, I started to see it go up, $1, $2, $5, $10, $30, and I was thinking… Imagine if I could take it. this money out.

“Of course, I know I’ll never cash out, I’m completely convinced of that, but it’s nice to see it happen.”

The investor goes on to say that two days later the price of SQUID has increased to $2000, which means he will have made $1.3 million.

However, five minutes later, the coin fell into the air and he lost everything.

“I can now say I have been a crypto millionaire at some point in my life,” he said.

The trader concludes that he is “fully aware” of the scam and advises other investors to never “put money in scam coins, always do your research and be careful what you invest in.” private.”

Not being able to convert crypto to traditional currency is just one of the big risks of cryptocurrency.

Electronic money very volatile and can be extremely risky to invest in.

Investors risk losing all their cash when investing in cryptocurrencies and newer coins are even riskier than the more established ones like bitcoin and ethereum.

The value can drop as well as increase in the blink of an eye and you could lose all your cash.

Last month, a trader shared how he lost all his life savings invested in Squid Game cryptocurrency after its value plummeted allowing scammers to rob $2 million.

Investor bought 5,000 SQUIDs for $1 each said CoinMarketCap: “I lost everything I had in this project.

“I don’t trust them anymore.”

How to detect crypto scams

CRYPTO scams are popping up all over the internet. We explain how to detect them.

  • Promises of high or guaranteed returns – Is the proposal realistic? Scammers often attract money by making fake promises.
  • Heavy Marketing and Promotion – If they are using marketing tricks to deceive customers, you should be careful.
  • Team members have no names or do not exist Just like any business, it’s easy to find out who’s running it.
  • Check out the official report – Every crypto company should have a white paper. This will explain how it plans to grow and make money. If this doesn’t make sense, it could be because the founders are trying to confuse you.
  • Do your research – Check online reviews and Reddit threads to see what others think.

5 Risks When Investing in Cryptocurrencies

The Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.

  • Consumer protection: Some crypto-based high-return promotional investments may not be subject to regulation beyond anti-money laundering requirements.
  • Price volatility: Significant price volatility in cryptocurrencies, combined with the inherent difficulties in valuing cryptocurrencies reliably, puts consumers at high risk of loss.
  • Product complexity: The complexity of some crypto-related products and services can make it difficult for consumers to understand the risk. There is no guarantee that cryptocurrency can be converted back to cash. Converting a cryptocurrency back into cash depends on the demand and supply available in the market.
  • Fees and charges: Consumers should consider the impact of fees and charges on their investment, which may be more than the impact of fees and charges on managed investment products.
  • Marketing materials: Companies can overstate product returns or minimize the risk involved.
14 and 9 year old siblings earn $160,000 in 7 months of crypto mining

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Bobby Allyn

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