‘Treasure NFT’ users mushroomed as it promised over 500 percent return on investment in less than a year, but the online platform is now facing scrutiny as many investors report difficulties withdrawing their funds.
Online discussion portals and social sites saw dozens of posts, labelling the platform an apparent scam, pointing out several red flags. Despite claims of using AI to generate profits through pooled NFT trades, experts argue that such returns are unrealistic and not feasible in the NFT market.
NFT app has been accused of showcasing fake NFTs and failing to provide details about the blockchain network it operates on. Users from Pakistan, India, and other countries are unable to withdraw their earnings, with some waiting weeks or months for their funds.
As some defended the platform, claiming to rake in profits, other called it scam, advising investors to request withdrawals immediately and be cautious with similar platforms. Investors are urged to do thorough research and avoid platforms that promise excessively high returns with little transparency.
Treasure NFT also sparked widespread concern among its users after temporarily halting cash withdrawals. This move, coming amid increasing reports of delays and frozen accounts, also raised doubts about platform’s legitimacy and fueled fears of potential financial instability or even a Ponzi scheme.
‘Adjustments in financial system’
As investors panicked, Treasure NFT said cash withdrawals were due to necessary adjustments in financial system to comply with local regulations and ensure the safety of user funds.
The online portal extended the withdrawal processing time, assuring users that all pending transactions would be processed once the audit was completed within a week time.
Despite these reassurances, many investors remain skeptical, fearing that the platform may be attempting to delay large withdrawals before a potential collapse.
Amid widespread debates and fears, experts remain concerns about platforms that promise such high returns, as they often struggle to maintain payouts once new investments start to slow.
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