TreasureNFT Users Cry Scam as Platform Freezes Withdrawals

TreasureNFT, a purported web3 revenue platform offering 30% monthly returns from AI-based non-fungible token (NFT) trading, has been accused of scamming users after many claimed they were having difficulties accessing their funds. What began as whispers of withdrawal delays has now erupted into full-blown accusations of a Ponzi scheme, with customers reporting frozen accounts and unprocessed withdrawal requests. A Trail of Red Flags Founded in 2024, TreasureNFT attracted thousands of users with the promise of earning between 4.3% and 6.8% on every $100 invested through AI-driven NFT trading. However, critics say the platform relied heavily on a multi-level marketing (MLM) structure, reportedly rewarding participants for bringing in new clients, a classic sign of Ponzi schemes. In a recent video posted on YouTube, analyst XYZ Crypto claimed that early adopters initially received payouts, creating an illusion of legitimacy. However, as the platform grew, the processing time for withdrawals mysteriously extended, going from three days to a week and then indefinitely. Towards the end of last month, investors found themselves trapped in a bureaucratic nightmare after they were forced to go through a convoluted “manual withdrawal” system that required filling out forms, paying processing fees, and submitting transaction hashes. Nonetheless, TreasureNFT still rejected most of these requests on technicalities. According to XYZ Crypto, the platform resembles Ponzi schemes like HashFlare , which tricked users into investing in a nonexistent crypto mining service, eventually conning them out of $577 million. Some of TreasureNFT’s alleged red flags included promises of unrealistic returns, a business model entirely dependent on new deposits rather than actual trading, and what the analyst claimed were fabricated team profiles on LinkedIn. With frustrations building up, users started expressing their annoyance on social media. Exasperated clients like Farhan Khan took to X to demand answers: “My withdrawal request from TreasureNFT has been pending for a long time. Your immediate assistance is required!” Others, such as Maninder Dhiman, reported being locked out of their accounts entirely and only receiving repeated error messages whenever they tried to access their funds. TreasureNFT Explains Delays Following complaints, TreasureNFT’s X account responded with a flurry of updates , insisting the manual withdrawal process was introduced to “ensure platform sustainability and security” following a marked increase in such requests. Data shared by the account revealed a troubling pattern: Out of 1,887 withdrawal forms submitted, only 121 have been successfully processed. This represents a mere 6.4% success rate, with the rest either rejected for minor errors or left in limbo. Crypto-related frauds are a growing menace, with a recent report by blockchain security firm Cyvers revealing that investors had lost more than $5.5 billion to pig-butchering rip-offs. Currently, the TreasureNFT website is still up, although most browsers report it as unsafe. However, its official Telegram channel, boasting more than 419,000 users, hasn’t had any new posts since March 30 after being flagged as a scam. The post TreasureNFT Users Cry Scam as Platform Freezes Withdrawals appeared first on CryptoPotato .