It all happened when I participated in the Catly Ponzi scheme.
A long time ago last year, a friend of mine once introduced me to a certain so called crypto project known as "Catly". To start earning their token "Catly", you stake your Catly tokens sign up bonus. And after a specified amount of time (weeks I don't remember the exact number of weeks) your Catly tokens become unstaked and you are rewarded extra Catly tokens and so it goes on and on.
When he first told me about it, he had about $17 in his account so when I showed interest, he offered to sell his account to me. Since he already had a some referrals, I bought his account.
Well, I took part actively in the "crypto project", regularly staking my Catly tokens and getting rewarded. The more rewards I get, the more Catly tokens I get. And the more Catly token I get, the higher my earning rate there by discouraging participants (including myself) from withdrawing their tokens - you are allowed to withdraw at anytime and any amount to your Binance USDT address.
Since my earning rate was influenced by my total number of tokens, I spent about $47 in USDT to buy more tokens so as to earn faster. Making a total of about $64 I spent at that point.
Life was good 😊, I was earning more Catly in less time, I was able to withdraw a total amount of about $23 dollars and since I earned more Catly, my earning rate kept on increasing.
In fact at some point, I was earning at a rate of over $2 dollars per day.
At this point, I didn't want to stop. My friend who referred me warned me that since I had made a lot of money from it, I should stop staking so that I could withdraw all my funds because it totally seemed like a Ponzi scheme before I loss everything but I turned a deaf ear.
When it finally happened, it hitted me hard 😔. I lost everything, over $100. They disabled withdrawals saying that they were moving to the next phase that involved launching their mainnet and crediting our wallets with the Catly tokens stuff like that. That stupid naive version of myself actually believed that. Since then up till now, they have done nothing.
Whenever I log into my account on their site I still see my funds but I'm unable to withdraw it. Their site is still functional up till now - Catly.io . My friend warned me but I didn't listen 😭 and I ended up losing everything. Though I withdrew twice but not up to my invested capital.
I learnt the hard way from this experience. There are many legit crypto projects you can earn from like some airdrop - an example Ice. But a definite red flag is when you're asked to invest real funds to participate or increase your earnings just like in Catly.
And also before you take part in any investment scheme not just crypto related, make thorough investigation and research to avoid losing your funds. This loss made me a new man 😊. Damn!
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Good morning from Nigeria.
