Once again, NFT investors who want to “invest less but earn more” have to receive a bitter lesson in greed.
Perhaps in the world of virtual currency investors, especially NFT players, it is no stranger to the name CryptoBike – a game of the click-to-earn genre (click to receive tokens) with a rather monotonous gameplay. The game requires players to spend some capital to buy the game’s NFT (bike) and use this NFT to earn tokens. The game attracts investors thanks to its high ROI rate and at one time, the transaction volume reached 41.6 million USD (about 950 billion USD).
However, within just a few days, at noon on January 1, 2022, the value of CB (CryptoBike’s token) suddenly dropped 42 times, from $0.81/ to $0.019 in just a few minutes. The reason is because many wallets have ordered to sell 6 million CB tokens (more than 60% of the total project supply), equivalent to 1.4 million USD (about 32 billion).
And yet, investors can’t even contact CB’s fanpage, and the comment feature in the Telegram group is also blocked. By now everyone knows they have been cheated, it is too late. Even if the agent’s identity can be traced, this is just an outsourced programmer.
Then, with pressure from many parties, the CryptoBike side had to reopen the comments in the Telegram group, and announced that it would refund 70% of the money invested in the project to the investor at a loss.
This is really an extremely expensive lesson for investors because of the great immediate benefit that believes in a project with an age even by days. Not to mention, players are completely unaware of the characters behind the project. Until something happened, “money lost disability” but could not call for help.
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