MultiversX Tracker is Live!

Don't make the same mistake as me and stake your crypto on third party sites.

All Cryptocurrencies

by COINS NEWS 29 Views

I am in crypto since 2017 but that didn't save me from losing more money than I can stomach. in 2021, after trading crypto for years, taking risky steps and buying shitcoins for shot term gains, I finally converted them all to BTC ETH and LINK. I was happy with my amount of crypto and ready let it sit for years. But because I am greedy I wanted to gain some interest on it too, but I didn't trust Binance or other CEX's so was looking for a DEX. After researching Uniswap, Aave, Maker and others I found Bancor, which offered good APY and I ended up staking 90% of my crypto on there.

Idk if you are familiar with what happend to Bancor. I feel so stupid for trusting them but they were promising 100% Impermanent loss protection and were deemed as a blue chip defi by a large part of the crypto community, they actually build the first AMM and it was the go-to place to stake LINK. In my eyes they were as legit as it gets. I made some money staking my TKN's there but in summer 2022 whales where withdrawing so much that the 100% Impermanent loss protection which was compensated by printing BNT caused a huge BNT inflation, causing them to stop the ILP and forcing us to face impermanent losses worse than on other platforms, because they are socialized amongst all stakers.

Despite this clear design flaw causing stakers facing 60%+ impermanent loss on ETH and BTC the Bancor foundation which raised $130M USD in the biggest ICO in crypto history refused to even comment on this situation let alone reimburse anyone, even tho the deficit was only about 1/5 of their ICO money. A few months later a disgruntled investor showed up at their office in Switzerland and threated them, only after that they made a statement saying they won't bail anyone out but they will fund development for 10 years to come. 1.5 years later the deficit is worse than it ever has been. The Bancor team is earning the ICO money while pretending to still try to alleviate the deficit but they actually just there to keep the show running and drain the ICO money. Team members who were against that and actually wanted to continue building got ousted. Recently they even said in the Telegram that they refuse to work on Bancor as long as the SEC lawsuit against Solana isn't settled and use that as an excuse to fully stop the marketing and development of the token, let alone even discuss potential features for it.

Almost all the unhappy people in the telegram got banned by now, just today someone got banned for replying to Mark Richardson, a guy who got put in charge by the foundation to solve this situation and failed miserably so far. Mark asked if the community thinks he should step down just to ban everyone who said yes. It is a shame what this project has turned into and it made me realize that no matter what they promise, no matter their references in the space, no matter if doxxed or not, if they want to scam you, they will find a way. I will take the haircut soon and try to work up my way from there again, I will be fine but it really sucks to lose 60% of your crypto this way.

TLDR: Scammers from Bancor promised big and delivered low, causing me to to lose 60% of my crypto despite them promising 100% Protection. They were respected in the crypto space, fully doxxed, and still made me lose my money with their shitty DEX.

submitted by /u/DeQQster
[link] [comments]
Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
πŸ’° Install these recommended apps:
πŸ’² SocialGood - 100% Crypto Back on Everyday Shopping
πŸ’² xPortal - The DeFi For The Next Billion
πŸ’² CryptoTab Browser - Lightweight, fast, and ready to mine!
πŸ’° Register on these recommended exchanges:
🟑 Binance🟑 Bitfinex🟑 Bitmart🟑 Bittrex🟑 Bitget
🟑 CoinEx🟑 Crypto.com🟑 Gate.io🟑 Huobi🟑 Kucoin.



Comments