How a Fake UNFi Token Almost Made Me a Millionaire

[Ocham]

How a fake token with a name similar to UNFi made people millionaires from zero. In 2020, many people who joined the UniSwap Finance airdrop received 750 UNFI tokens each. However, even though the tokens were distributed, they were never officially listed.

About four months later, I saw a discussion about this in a Telegram group one morning. There was a token listed on Binance called UNFi, trading around $30–$40. I heard that because of the similarity in names, the “dead” token’s price went up to $20–$26. Although I made $2,600 profit from my 750 UNFI tokens, the price of the 750 tokens at one point went over $20,000. But the token had a major problem. The liquidity was very low, so even though PancakeSwap sometimes showed $3,000, $7,000, or even $20,000, it was impossible to actually sell that amount. Due to high volatility, slippage was also a huge issue. That’s why many people saw profits on their screens but couldn’t actually withdraw anything. It was possible to sell the tokens little by little, but most people didn’t know this. I gradually sold my 750 UNFI tokens. Later, by buying and selling via P2P, I managed to make roughly $4,000–$5,000 profit from this token overall.

[JeromeTash]

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$4,000 - $5,000 isn't anywhere close to a million dollars, or were you meaning getting close to becoming a millionaire in other currency?

The Biggest problem about such coins is liquidity, especially if they are not listed in popular exchanges which is why people trade mostly with less than $100. I have similar experiences back then but with ICOs. One could easily make close to $20K from jut $100 to $500. The good old days of Etherdelta!

[livingfree]

I thought that you're really there in making nearly a million. But that's a nice story you have it there and you got our attention for visiting the thread.

I think that these scam tokens are usually waiting for the right time to get executed and produced whenever there are projects that have become successful with their early launching.

So, those who have this type of strategy and are chasing the token launches, you'll be careful if you think of riding the hype or arbitraging.