The trader reported that they lost more than $35,000. They wrote in a Reddit post, "I was unemployed and literally solely yield farming to hedge my student loan. I deposited almost the same amount of my debt, and was leveraging the fact that the return I was getting was higher than my loan's APR. While trying to earn $8-9 more, I lost $35k and my financial freedom."
Trader trying to cash out their rewards from a DeFi platform loses more than $35,000 to a Twitter support scammer
- "I just lost over $35k to scammers. Beware out there." post on r/defi
Former Gumroad freelancer tweets that he no longer works for the company because the company was planning to get into NFTs, Gumroad founder has a bit of a meltdown
By that evening, the tweets attacking their former employee and leaking customer data were all deleted, and the Gumroad account had pinned a tweet saying, "If and when we do anything related to crypto/NFTs, you'll hear it from us first. For now, no plans."
Someone tries to take out a loan against their Bitcoin holdings to get a mortgage, loses over $300,000
Even if things had worked out as this person planned, it seems like the bank might have wanted to know where $300,000 suddenly came from, and I don't know how "I took out a sketchy loan against my Bitcoin holdings, which you already don't think can qualify me for a mortgage" would have shaken out.
- "Blockfi Horrible Loan Experience (FORTUNE Lost)" on r/CryptoCurrency
This lawsuit is somewhat similar to the January lawsuit by Hermés against artist Mason Rothschild, who has been selling "MetaBirkin" NFTs (though MetaBirkins describes itself as an art project, and promises no physical items).
On February 2, Suarez excitedly announced that they had received their "first-ever disbursement... totaling $5.25M". He didn't mention that the coin is trading at 90% below its all-time-high and 35% less than its initial price of $0.01. Both the OKCoin exchange and the coin creator previously advertised that buyers could earn "430% APY" by participating in some sort of staking program with the coin. All current holders of the coin, such as the Miamians Suarez encouraged to invest, have lost money even when factoring in staking rewards, says Protos.
Wormhole, a cross-blockchain bridge, is hacked for more than $320 million in one of the largest hacks to date
Game studio behind Worms games series does a quick U-turn on their NFT project after massive backlash
The project's website writes, "Each time an artist's NFT is purchased or sold, a royalty from each transaction is accounted to the rights holders account." They do not write about how this is supposed to work when the artists have had zero involvement in the NFT being created to begin with, or have no cryptocurrency wallets at all. The FAQ also includes a hilariously handwavy answer to the question most people learning about NFTs have: "What utility does owning an NFT give me?" HitPiece writes, "Artists provide NFT owners access and experiences."