The 2025 cryptocurrency firefly protocol and gold protocol GOT chain explosion event is a case of a false project packaged with the RWA hot topic to cut韭菜, relying on the gimmick of "dual currency mutual protection" for continuous harvesting, involving an amount of over 500 million yuan and more than 4,200 victims.
The specific process is as follows:
Firefly Protocol creates a false impression of RWA to attract funds: This project rides the 2025 cryptocurrency RWA wave, claiming it can convert offline real estate into on-chain tokens YHC, with holders receiving both rental dividends and token appreciation, while also marking a high annualized return of 35%. To create a false impression, the project party misappropriated information from real estate companies such as Vanke and forged on-chain certificates on the blockchain. At the same time, it attracted new users with a promotion mechanism that offers cash back for bringing in new investors, and when investors want to cash out dividends, there are restrictions requiring them to hold a large amount of YHC to withdraw.
Linking GOT to perform a接盘drama: After the firefly protocol suspended withdrawals causing panic, the gold protocol GOT suddenly claimed to be its partner, launching a "solution" for exchanging YHC for GOT, and also promised a 60% annualized gold arbitrage return. In addition, investing large sums of money could upgrade nodes to earn dynamic returns, and recommending new users could earn team commission, leading many desperate retail investors not only to transfer their trapped funds but also to recharge and increase their investment.
Both projects collapse and run away simultaneously: The two projects are actually a Ponzi scheme sharing a funding pool, with smart contracts hiding backdoors allowing for unlimited minting of coins, initially relying on new funds to pay old dividends. When the funding pool reached 500 million yuan, the project party decisively closed the APP and disbanded the rights protection group. The price of the GOT token plummeted from $1.2 to $0.03 in a short time, while the project party split the funds into multiple offshore anonymous wallets, transferring them after laundering through mixing platforms, leaving retail investors with only unredeemable virtual tokens.
In the summer of 2021, 24-year-old programmer Xiao Li, who moved to Beijing, exchanged the 500,000 yuan down payment his parents gave him for a house into a meme coin called 'SAFEOCTOPUS'. The project team claimed on X: Just holding it allows you to share all the copyright fees from Paul the Octopus's World Cup predictions, and they aim to create a decentralized prediction empire. The white paper was only 8 pages long, all filled with memes. Xiao Li bought in at $0.0008, and within 3 days it rose to $0.28, with a floating profit of 35 million. He quit his job, booked a first-class ticket to Dubai, and began posting in his social circle, 'Thanks to my parents for giving me a second chance at life.' On the 12th day, the team withdrew 99% of the liquidity using a multi-signature wallet, and the coin price plummeted to zero. At that moment, Xiao Li realized that the contract stated, 'This project is purely for entertainment; any resemblance to reality is purely coincidental.' The initial capital of 500,000 yuan, plus an additional 200,000 yuan that he chased up, evaporated overnight. Xiao Li quickly refunded his ticket and returned to his hometown. His parents still believe he earns 50,000 yuan a month in Beijing. There are no new stories in the crypto world, only new victims. No matter how good the narrative is, it cannot compete with the saying, 'Whoever holds the private key owns the money.' Before investing, ask yourself three times: Who is the exit path? Who provides the liquidity? Can I accept the worst-case scenario of going to zero? If you can answer honestly, then proceed. If not, stay away. Life is more important than money. $BTC {future}(BTCUSDT) $ETH {future}(ETHUSDT) $BNB {future}(BNBUSDT)
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In January 2018, the winter was particularly cold, but the young professional Linlin was filled with excitement. She saw a prominent figure on Zhihu discussing a project called 'BBB' that claimed to collaborate with digital currencies and had obtained a license, with an ICO price of 0.1 yuan, promising to multiply by 100 times upon listing. Linlin calculated that she had 80,000 yuan in her salary account, and if she invested it all, it would amount to 8 million coins. Thinking of this made her hands tremble. The prominent figure privately messaged her: 'Only 30 internal quotas left, and more than 50 funds have already joined the VIP group.' Without a second thought, she transferred the money, even without checking the contract address. Three months later, the project party announced a 'strategic suspension due to policy reasons,' the official website was inaccessible, the group was deleted by the group owner, and the prominent figure's account was directly canceled. Linlin's 80,000 yuan turned into a hash value that couldn't be traced. She later learned that during that time, over 200,000 retail investors across the country were scammed by the same script, with a total amount exceeding 1.5 billion. When the police cracked the case, they found that the so-called 'team' only consisted of 7 people, who operated from a rented room in the Philippines, using template websites and hired trolls, managing to launch a scam coin in just three days. Linlin changed her computer desktop to a phrase: 'In the cryptocurrency world, the most expensive thing is not the transaction fees, but the IQ tax you pay for believing the stories of strangers.' The wind has gone, the pigs have fallen, but the chain remains. What can truly keep you alive is only those three words: Do Your Own Research. $BTC {future}(BTCUSDT) $ETH {future}(ETHUSDT) $BNB {future}(BNBUSDT)
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