Investment is a risky business whether it is in the digital world with cryptocurrencies or in the real world with fiat. Profit or success of the project depends on the scope of the project/product and the team behind it, I think, you'd agree with me on this, and that there is no second thought about that.
Many blockchain and cryptocurrencies projects/products have been giving a remarkable profit to their supporters, and sometimes this profits is so huge that it takes the financial lives of the supporters to the sky, literally not joking, many of us know that, there are many examples we all know of.
Where this gives a pleasant change in the lives of some, it provides an opportunity for the scammers as well, and they have been introducing the scam projects that give the supporters/investors a financial boost, in other words, a huge margin of profit for a short period of time, and this only to make them believe in the project which, ultimately, encourage them to invest more and more in order to get a big profit in short period of time, of course, these scammers play with investors' greed, but, if you have invested in any of such scam projects then you must know that there is another factor, these scammers take the investors to a level by step by step building the trust that investors, specially the inexperienced and small investors, where they fully believe the project to be completely legit.
Two blochains are specially the targets of these scammers, Ethereum and Tron.
Latest scam on Tron is from the scammers of SHARK TRON, SHARK DEFI and SHARK INVEST.
These scammers succeeded in getting away with around 7 million dollar worth of TRX from all categories of investors.
Scam... No doubt, a bad thing. Keep reading, and you'll come to know the worst part of it all.
These scammers first introduced SHARK TRON for mining SRX tokens by staking TRX. One SRX was worth two TRX at the time.
After some time when SHARK TRON reached to fifth level of mining (Number of SRX mining per specific number of TRX staking was set to reduce with each level), they launched SHARK DEFI.
On SHARK DEFI, investors could earn SWD tokens by staking TRX, SRX and/or TTH (TTH was the token of their SHARK DICE platform). They added the liquidity for this token on Justswap and set the price at 25 TRX per SWD token.
This increased the price of SRX as well and took it to 8 TRX per SRX.
Keep in mind, investors could unstake their tokens (TRX, SRX, TTH) and withdraw rewards at any time. 10% fees was implemented for unstaking.
Mining of SWD tokens was also divided into 9 levels, and even before the first level was ended, they launched SHARK INVEST.
Not only the inexperienced and new small investors put their money in these shit/scam projects but many of the experienced investors also invested a lot of money.
Some new investors even invested their whole life savings and some took heavy loans and invested in these scam projects.
The details of these scam projects was shared here so that the readers can understand the line of action of these scammers and when they come across such project/s with this pattern in near or far future, my advice, don't invest, don't try to outsmart the scammers. Don't think that you'd earn something from these scam project/s, they might end their cycle way before as they run in SHARK TRON, SHARK DEFI and SHARK INVEST.
That's why, the experienced and expert investors used to say and emphasize on two things:
- DYOR (Do Your Own Research).
- and, most importantly, don't invest more than you cannot afford to loose.
Once again, my humble suggestion, please, don't be tempted to the projects that promise unreal profits, because the legit projects never promise any sudden or instant big profit up until it happens. We have the examples of Bitcoin and UNI.
WORST PART
Now, the question is why even the experienced investors put their money in these scam projects?
Reason is quite simple, Justin Sun put these scam projects on Sun.io for voting,
I think, this is the worst part of all.
I am not fully sure, what does this show, either Justin Sun and Tron Foundation are scammers themselves and supporting the scams now and again for getting some profits or they are just keeping their eyes closed to these scams on Tron Blockchain, because this isn't the first case of exit scam.
If Justin Sun and Tron Foundation are asking for the vote for such scam projects and trying to build the investors trust in them then haven't they placed any fail-safe for the investors or any type of fraud adjustment, compensation fund or are they just keeping the scam projects running on the Tron Blockchain and happy of whatever they are getting out of them because, again, this isn't the first case when Sun.io got involved with a scam project.
Many of the victims are running a combine campaign to expose these scammers and trying to keep track of the movements of the funds from the main account. They are also trying to reach Justin Sun and Tron Foundation on different social media, asking for their help to address this one of the biggest scams on Tron Blockchain.
Let's see what Justin Sun and Tron Foundation do for getting the funds of these victims back if they do anything at all, this isn't the case so far, though.