As users report frozen accounts and inaccessible assets, TreasureNFT, a self-proclaimed Web3 investing platform that promises eye-popping 30% monthly profits through AI-powered NFT trading, comes under criticism and faces widespread charges of fraud.
From Hype to Horror
Thousands of investors were drawn to TreasureNFT when it first opened in 2024 by the promise of high-yield, passive income from ostensibly automated NFT trading. Many people now believe that the platform’s claims that customers might earn between 4.3% and 6.8% for every $100 deposited are unrealistic.
However, behind the glossy marketing and futuristic promises, cracks quickly began to show. What began as isolated complaints of delayed withdrawals has snowballed into full-blown fears of a Ponzi scheme.
Classic Red Flags Emerge
Crypto analyst XYZ Crypto, in a widely shared YouTube exposé, likened TreasureNFT’s model to infamous schemes like HashFlare, which swindled investors out of over half a billion dollars. According to XYZ, early users were indeed paid, creating a veneer of legitimacy—only for the platform to later stall or deny most withdrawal requests.
The alleged use of a multi-level marketing (MLM) structure, where users earned commissions for recruiting others, added further fuel to the fire. Critics argue this revenue model, heavily reliant on continuous new deposits, is a hallmark of Ponzi operations.
Most concerning were the platform’s sudden changes in its withdrawal process. Users were forced into a labyrinthine “manual withdrawal” protocol that required filling forms, submitting blockchain transaction hashes, and paying additional processing fees—only to be rejected over minor “technicalities.”
Out of 1,887 submitted withdrawal requests, TreasureNFT has reportedly processed just 121, representing a success rate of only 6.4%.
User Outrage Grows
As delays mounted, frustrated users flooded social media to voice their concerns. “My withdrawal request from TreasureNFT has been pending for a long time. Your immediate assistance is required!” wrote investor Farhan Khan on X.
Others, including Maninder Dhiman, claimed they were completely locked out of their accounts, receiving only error messages when attempting to log in.
Despite growing backlash, TreasureNFT’s official X account has maintained that the withdrawal delays are due to a spike in requests and the platform’s efforts to enhance “security and sustainability.” Critics, however, remain unconvinced.
Platform Activity Suspiciously Quiet
While the TreasureNFT website remains online, many browsers have begun flagging it as potentially unsafe. The project’s official Telegram channel, which once boasted over 419,000 members, has gone silent since March 30 and has since been labeled a scam.
This event coincides with growing worries about frauds involving cryptocurrency. A recent analysis from the blockchain security company Cyvers claims that investors lost more than $5.5 billion in “pig-butchering” scams alone. These schemes frequently use social engineering to prey on trust.
Both users and watchdogs are left wondering about TreasureNFT in light of the quiet and withheld funds: Was this all a well-planned hoax?
