INTRODUCTION
Ponzi schemes are designed by Con artists to defraud their victims. In various forms, they design and modify their process, making it seem very honest and true but naive ones suffers dearly.
All of their projects have fake promises of high profits return and gifts which drawn a lot of honest earner seekers and clever investors on their schemes, only to be scammed and defraud. When compared with honest projects, ponzi schemes are cleverly prepared and developed so as to be simple and secure but it's death traps for unsuspecting members of the public.
Huge amounts of money and assets are drained via the projects. Many people have lost their entire savings, investment and inheritance to these heartless scammers. They positioned themselves in genuine projects as helpers or friendly assistant to attract their victims and Rob them of their fortunes.
Despite the numerous ways, victims felt after being scammed, it usually unpleasant and painful. Some are surprised and in dilemma whenever they found out that they have been scammed and defrauded. Even many suffer from emotional shock and develop mental depression when it occurs. A friend of mine instantly withdraw and isolated from people when we were strike and deceived. He hardly trust anyone else and research properly before getting involved.
Factors That Drives these ponzi schemes.
They are victims because they are manipulated and deceived. These factors are common among dishonest people when they transact with others. On Telegram group, as a crypto enthusiasts, I was drawn and manipulated when they offer to sell $luna token cheaply. Having been transacted successfully via this method which was how peer to peer method of trading of digital assets started in Nigeria. After negotiations, I paid in fully to their provided bank details with the trust of the telegram administrator as the escrow and mediator of the trade. They failed to send my token. When I complained, the mediator asked for fee which I paid again. Then after some days of no actions, It was clear that I have been manipulated and defrauded.
MMM was very popular worldwide. It was a project with high profit return and anyone can access their platform with enabling smartphone and internet capabilities. Greed plays a part when I was scammed. many people testified how they are turning few amounts of money into huge profits. Opened several accounts and funded them for the huge profits, only to be discovered that it's a scam. We lost huge amount of money via these means.
After some years, all my friends are active and making money from yet another project with high profit return. At first, I avoided it as a plague but I was fomo'ed to joined them.
The fear of missing out encite me and forced me to emerged from slumber and become a hodlers and investors. I invested over 1800 USDT which was my entire livelihood to earn high daily, only to be defrauded and robbed of my assets and funds without any trace.
Lack of planning and strategy have affected me too. I was shilled into a pump and dump projects. On X spaces, speakers spread good news for a crypto project and their token. With sweet words and promises, I was shilled and interested. Investing handsomely on the project which others did. The outcome was deserving as the price skyrocketed and new target was marked by those dishonest people which we are waiting patiently for more profits. Only to discover that they have gone with our assets and money as they pulled the whole fund and dump them the projects at our disbelief and shock.
Finally
Ponzi schemes of various types are designed for deceive and manipulate their victims. Being naive was not an excuse as they will lured and manipulate such person for their own profits. Lack of plan and strategies was another reason why I lost my assets and fund to ponzi schemes.
Greedy, Fomo, shilling and Fud are other factors that drive me to get involved and enjoy better things. Such emotional tendencies fuelled my thirsty for more profits and force me into more debt as I want looking for more profit.