Which project/token inflicted your biggest loss?

[KryptoBull]

We always hear that the crypto market is very potential and brings life-changing opportunities to many people, and the truth is that it is not difficult to find articles about young crypto billionaires^[1] or a someone becomes rich from investing in crypto^[2]. However, opportunities are not alone but exist with risks. We do not forget that to create huge profits for one investor, there must be many other investors who have lost money. Many assessments even say that up to 90% of investors in the crypto market suffer losses^[3].

Unfortunately, I am not an exception: I am among the 90% in 2022. I also suffered losses on the Credits project in 2018, but at least I successfully stop my loss to focus on other investments. As for FTX, I could not do anything.

Perhaps everyone knows FTX CEX scandal and its once very famous FTT token, but this is my losing journey: I did not buy FTT during the 2021 uptrend because I was not interested in the development of FTX. However, after UST-LUNA collapsed in May 2022, FTX appeared as a hero when it wanted to use its huge budget to rescue troubled companies like Celsius^[4]. This has made me more interested in FTX, and the FTT token price is also well supported at Fibo 0.618, so I believe that the FTT token price has bottomed out and cannot go any lower. I bought 40 FTT tokens at 25 USD without placing stop loss orders because I believed I was lucky to buy FTT tokens at an extremely cheap price compared to its potential.

In November 2022, everything fell apart when FTX was accused of defrauding users of their funds^[5]. Even though I did not use FTX and did not have my assets frozen, the value of my FTT tokens decreased more than 10 times in just a few days. I tried to continue holding but the FTT token price continued to decrease, sometimes even 1 FTT = 1 USD, meaning my investment decreased by 96%. Finally, I sold FTT tokens at 2.5 USD in January 2023, confirming a loss of 90%, equivalent to 900 USD. I chose the right time but put my trust in the wrong token.

This loss really shocked me. I finally understand that we should not put too much trust in any project or individual in this crypto market. Everything can be just a clever play to defraud investors: an exchange that grows too quickly, an individual who becomes famous in a short time... We must be cautious and never forget to set stop loss orders in investing.

I want to hear your unhappy stories in this market:

• Which project/token inflicted your biggest loss?
• What percentage and amount did you lose?
• How did this experience impact your investment journey?

References:
[1] Crypto Billionaires: 11 Individuals Who Struck it Crazy Rich with Cryptocurrencies
[2] From rags to riches: 5 ordinary people who are now crypto millionaires
[3] The Reasons Why 90% of Crypto Traders Lose Money
[4] FTX reportedly considers bailing out Celsius via asset bid
[5] Why Did FTX Collapse? Here’s What to Know
Note:

• My opinion was posted first in that topic, on Bitcointalk
• I leave the source link to avoid plagiarism accusation.
• I excluded/ included minor things from an original thread ^{if necessary}.

[Mr. Magkaisa]

          -    So far, I haven't experienced anything like that, and I hope I won't experience something like that, although we can't avoid unexpected circumstances. I agree with what you said—that there are many opportunities that can really help us. That's why the majority of them don't really succeed in the end. It's always more that doesn't succeed.

But what you experienced is also disappointing, mate; 90% of what you should have earned. Maybe during those times you expected the price to be high in Ftt, something that you may have regretted if you had sold it when your profit was already big. here. That's why it's really important that you have a target for selling the token you hold.

[TomPluz]

1. Which project/token inflicted your biggest loss?

Aside from the many scams and phishing attacks I experienced in the past, I lost some money here and there...many of those were small amounts but if you put them together still I could only imagine what I could do with the money today since I am in dire financial situation and I need some more resources to use. Now, most of the coins and tokens I gathered came from my bounty activities in both forums (BTT and ATT) but sometimes I was enticed to buy some with my real money. I could remember BTCV which I then assumed really got a strong potential but so far it continued on a losing streak. Remember that I bought my BTCV at around $200 but look at the price now it is just below $1. Aside form losing the value of the coin, I also lost money with their mining plans whose operation was closed due to regulatory constraints.

2. What percentage and amount did you lose?

I think I lost around $3000 which may not be that much with people living in Western countries but for a person based in a developing country the amount can already be staggering and can already be of big help most especially these days when the cost of living is rising everyday.

3. How did this experience impact your investment journey?

I was so discouraged that I almost decided to let go of my participation in the industry for good but then again I realized that I could not detach myself from the potential and excitement of cryptocurrency so here I am still continuing my own journey.

[SamReomo]

Which project/token inflicted your biggest loss?

Actually, it wasn't a single token but two that caused me to face that loss. It's one of the biggest losses that I had in crypto investing, fortunately most of the times I win instead of losing. The projects that caused those losses were dull ones but I still invested in those, one of those was BNX new and the other one is SNM token.

What percentage and amount did you lose?

I lost more than $1500 with those two coins, I recovered some of the losses but due to their rapid price drop and not recovering for many months I have lost that money. I invested around $2000 in those two coins and both of those gave me losses.

How did this experience impact your investment journey?

I took a break after those losses and it really showed me a lesson that useless projects won't get pumped and they are the main cause to lose a lot of money in crypto market. Now, I basically invest in top coins and so far I have seen only profits.

[UNIVERSE]

Have you ever heard about BP token?
https://coinmarketcap.com/currencies/beyond-protocol/

This is the biggest mistake I have ever made. I bought it at $6 because at that time I thought that the price will be increasing, but in fact, it is decreasing.
And now?
It is only $0.0006912 
It's so sad but it has happened, for my experiences.

[MrSpasybo]

This loss really shocked me. I finally understand that we should not put too much trust in any project or individual in this crypto market. Everything can be just a clever play to defraud investors: an exchange that grows too quickly, an individual who becomes famous in a short time... We must be cautious and never Now forget to set stop loss orders in investing.

I want to hear your unhappy stories in this market:

• Which project/token inflicted your biggest loss?
• What percentage and amount did you lose?
• How did this experience impact your investment journey?

My condolences to FTX for losing money due to the collapse of the fraudulent alliance created by Sam BF, FTX and Alameda. Unlike UST-LUNA, there weren't many signs that FTX's business model had problems, everything happened so fast and Sam turned from a hero into a villain, similar to Do Kwon!

1. The project that I lost the most is probably EOS. In 2021, many people believe that EOS price will reach $250. I also bought EOS at $9 and want to keep it for up to $250. But in the end, EOS only touched $14 and reversed down with the market in May 2021, then could not create a new higher price in November like BTC and many other ALTS.

2. I cut EOS at $4, meaning a loss of 55.5%, about a few thousand dollars. I'm really sorry about this mistake with EOS when I made a wrong judgment and didn't manage the risk well enough.

3. This loss continues to help me realize more about the characteristics of the market and my own investment plan. Hope in the new cycle I will be able to avoid silly mistakes as I had with EOS.

[philipma1957]

I lost a lot on btc from the 2021 Nov peak of 67k.

I TOOK some profit but by the time Nov 2022 rolled around I needed more cash for real life. I decided to sell at 23k gave my self a huge capital
Loss. I purchased back most coin at 16k. So I made back most of that loss.

[joniboini]

I bought a lot of shit coins that went to $0 as of now, even though technically the money comes from something else like airdrop, so the loss doesn't feel that bad. It still sucks tho, since if I'd known earlier I'd pivot that money to other projects like Solana which I also follow quite a bit, but miss the opportunity to participate in the early ecosystem on its dapps. If we're talking outside of crypto though, I find myself quite unlucky since most of my investments failed to return a profit, one of them even scammed me quite a bit. If anything I learned that my risk tolerance is quite low, plus with the capital that I have, it is better to be patient and use DCA instead of gambling away my money to get the next x100.

[yhiaali3]

Sorry for your loss, you are not the only one who lost a lot of their money in the FTX incident. They deceived many people. It seemed like a very strong exchange with a promising future and gained a great reputation, but unfortunately they were proven deceived.

Anyway, I also lost a lot last year, when Elon Musk decided to buy Twitter. A shitcoin called “Elon Buys Twitter” EBT was created on the Binance network. Its price was low at first, but it began to grow quickly. I bought a large amount and held it for some time, and the price rose dramatically and  I made big profits.

But then the price dropped, and I bought again, and the price continued to fall, and I lost a lot. Of course, I knew full well that the price would fall again, but I thought I could make one last strike before the decline, but unfortunately I was not lucky.

[0t3p0t]

Which project/token inflicted your biggest loss?

I haven't tried to invest in a project/token yet with real money but if we are talking about time and effort I have a lot of them like soferox, aidus, beyond protocol, swipe crypto, bintex futures and many more they are nonsense projects that is worthless. I participated in all of their bounties and yeah just a waste of time and effort. 😅

What percentage and amount did you lose?

It cost a lot of time and effort like a 100% and it is the reason why I missed some opportunities.

How did this experience impact your investment journey?

That affected me financially as a bounty hunter some years ago and here I am again. 😅✌️ It put my bounty hunting journey into a halt just because of that experience. But I am not giving up I am willing to take high risk for the high reward. I know time will come luck will be on me and others as well.

[KryptoBull]

Sorry for your loss, you are not the only one who lost a lot of their money in the FTX incident. They deceived many people. It seemed like a very strong exchange with a promising future and gained a great reputation, but unfortunately they were proven deceived.

Anyway, I also lost a lot last year, when Elon Musk decided to buy Twitter. A shitcoin called “Elon Buys Twitter” EBT was created on the Binance network. Its price was low at first, but it began to grow quickly. I bought a large amount and held it for some time, and the price rose dramatically and  I made big profits.

But then the price dropped, and I bought again, and the price continued to fall, and I lost a lot. Of course, I knew full well that the price would fall again, but I thought I could make one last strike before the decline, but unfortunately I was not lucky.

FTX is a crazy case in this market, a media fraud to usurp users' assets. This is a lesson for me and all investors: we need to self-custody crypto and should not trust anyone or any organization, we must learn and handle investment risks ourselves.

Memecoin trend had been very popular in 2021, it brings profits and wealth to a few people, the remaining majority will suffer losses. I'm sorry but hope you will make up for that loss in the 2025 uptrend.

I haven't tried to invest in a project/token yet with real money but if we are talking about time and effort I have a lot of them like soferox, aidus, beyond protocol, swipe crypto, bintex futures and many more they are nonsense projects that is worthless. I participated in all of their bounties and yeah just a waste of time and effort. 😅

It cost a lot of time and effort like a 100% and it is the reason why I missed some opportunities.

That affected me financially as a bounty hunter some years ago and here I am again. 😅✌️ It put my bounty hunting journey into a halt just because of that experience. But I am not giving up I am willing to take high risk for the high reward. I know time will come luck will be on me and others as well.

Bounty campaigns were a good choice in 2017 and 2021 but currently we have too few potential projects to participate in. Good projects decided to conduct an Airdrop through RetroActive with huge rewards to be promoted thanks to hunters like Arbitrum, Manta and Pixels. Bounty campaigns do not even require translation or signature campaigns, the reward is only a few hundred USD at the time of reward payment. Bounty hunters are wasting time and energy to get a few USD.

Hope we will soon have many good Bounty campaigns to participate in and get potential tokens for uptrend!

[Cryptsafe]

I too have been there. It is very painful after spending time and resources to invest in a Crypto project and after that you start hearing stories and activities that went South with the project and your investment.  I have lost alot of funds to crypto projects as a newbie both scams and others that could not fight their way through to the top.

All of it was a very big lesson I learnt and the experience has taught me a lot of things which bothers around crypto investment and lots of other engagements as well. As a result of my experience, I take my time to do my research before taking any step further in investment both in Crypto and others.

[Trongduy]

This loss really shocked me. I finally understand that we should not put too much trust in any project or individual in this crypto market. Everything can be just a clever play to defraud investors: an exchange that grows too quickly, an individual who becomes famous in a short time... We must be cautious and never Now forget to set stop loss orders in investing.

Ftx case is really difficult to judge, only very strict risk managers will immediately close the FTT token as soon as they see negative news and poor communication handling from Sam and Alameda. The FTT token price also fell as fast as LUNA when it collapsed.

I have not invested cash in this market, so I have not lost any money. If I have lost money, it is just that I have missed many good opportunities in the past 2017 and 2021 seasons. This season, I DCA BTC and had some profit, now I continue to monitor the market to learn from experience and wait for opportunities to buy the most potential tokens.

[Jamal Aezaz]

I took a break after those losses and it really showed me a lesson that useless projects won't get pumped and they are the main cause to lose a lot of money in crypto market. Now, I basically invest in top coins and so far I have seen only profits.

Exactly top coins can give you good return and if once they goes down then there is also a possibility that one day they will go higher to attain its original worth. New and useless coins once goes down then they loss their value forever so I think if you are ignoring top coins and invest in useless coins then it is your fault.

It is also good thing that you learn a lesson by such loss so you will not make the same bad decision again in life. It is obvious that loss and win are a part of life but sometimes we loss just because of our faults and we should learn from it.

[robelneo]

You cannot escape losses its part of investing in Cryptocurrency with all the volatility, I suffered huge losses from these Play to earn concept platforms, like Dpet, Axie and AgeofGods I invested in these projects at the time that they were losing their appeal in the market and the prices were crashing its hard to cut your losses on PVE because your investment are stuck on the creatures that you bought, which is why I never buy  coins or tokens that I cannot cut my losses.