Initial Coin Offerings (ICO) are a good way to earn money in the cryptocurrency realm. It happens when a new coin comes into the market with some good potential. People sometimes get lured by the profit margin and some good promotional activities. This is the point where many people do a mistake- dive into the sea without knowing what is under the water.
It’s a tale as old as time, and yet it still stings just as much every time it happens. I fell for a crypto scam, like coinbase scam except that Regalcoin.net was the perpetrator. I’m not the only victim but I think I need to share my story as it’s a learnable experience.
I was caught up in the hype of the latest and greatest crypto coin, and I didn’t take the time to do my research. I saw articles online that seemed to promote it, and I thought to myself, “This is it. This is the coin that’s going to make me rich.” So, without much thought, I invested $1000 into Regalcoin’s initial coin offering (ICO).
It is a basic instinct of humans that when we see good or prominent promotional content that promotes anything new, we take that as solid. But whether it is too good to be true, you should always do some research before engaging with it.
To research, you can check on Google about the company’s reputation, their previous traders’ opinions, and reviews from different scam reporting websites such as Report Scammed Bitcoin. How this website helps this person will be described in a later section.
At first, things seemed to be going well. The coin’s value was rising, and I was excited about the prospect of making a profit. But then, just as quickly as it had risen, the value started to drop. And drop. And drop.
Before I knew it, I couldn’t access my account on the main website. It had vanished into thin air. And with it, my Regalcoin holdings were now worthless. I had no idea what had happened, but it was clear that I had been scammed along with other victims.
It’s a horrible feeling to know that you’ve been taken advantage of, especially when you’ve put your hard-earned money into something that you believed in and there’s no use to file a complaint now. But the worst part is the feeling of regret that comes afterward. If only I had taken the time to read the whitepaper. If only I had looked into the project more carefully. If only I had been more cautious.
But hindsight is always 20/20. The truth is, it’s easy to get caught up in the excitement and the promise of making a quick profit. It’s easy to let your guard down and trust in something that seems too good to be true. And unfortunately, that’s exactly what happened to me.
Regalcoin.net was nothing more than a crypto ponzi scheme which is one of the major Cryptocurrency Scams and I was just one of the many victims that fell for their scam. The trading market for this coin is now inactive, and its market cap is essentially zero. It’s a harsh lesson to learn, but it’s a lesson nonetheless. And I hope that by sharing my experience, others can avoid falling into the same trap that I did.
I then started writing on several social media platforms, and online forums, and also submitted reports on several scam-reporting websites. From some online forums, I found Report Scammed Bitcoin’s website. When I browsed their website, I found some good resources and helpful materials.
They have a good collection of scammer lists in different categories such as forex scammers, cryptocurrency scammers, investment scammers, and others categories too. When I submitted my case, they instantly updated their lists and also provided me with a free consultation. Then they suggests me some recovery services, from where I successfully recovered most of the money.
So, if you’re considering investing in a new crypto project, take the time to do your research. Read the whitepaper, look into the team and business behind the project, and don’t be afraid to ask questions. And most importantly, don’t let the promise of quick riches cloud your judgment. Remember, if something seems too good to be true, it’s almost certain that it’s a scam.