I'm still trying to comprehend what just happened. After waiting nearly two years for Coinlist to deliver the $TRIBL tokens from the Tribal Crypto presale, they finally did, at least the first 25% of them.
But what should have been a moment of relief turned out to be the final turning point for those who invested, myself included. It's hard not to feel like we've all been scammed - again.
The Token Distribution
I remember signing up for Coinlist because of the hype surrounding their token presales. They marketed themselves as a safe, legitimate way to get in early on promising crypto projects. And when they announced the presale for Tribal Crypto in March 2022, I thought, "Why not throw some money in there and see what happens?"
What happened was two years of being stalled with constant delays and excuses. Coinlist kept telling us that $TRIBL distribution was imminent, only to keep delaying it. Today, they finally made good on that promise. But - and this is a big but - they also told us that $TRIBL will not be tradable on Coinlist. There is "limited interest from market makers," so there is no support for trading the token.
This means that after two years, our tokens are pretty much useless. We can't even sell them on the platform we bought them on. It's like being handed a check that you can't cash anywhere.
Limited Withdrawals and Wallet Maintenance
It gets worse. Coinlist has now implemented limits on withdrawals from the platform. And, as if by magic, their wallet system is conveniently maintained right when people need it most. The timing couldn't be more suspicious. We can't just get our tokens out; for some, that may mean waiting even longer or simply missing out.
To make matters worse, the project was de-liquidated right at the time the tokens were distributed. Seriously, it's running like clockwork. It feels like every move they made was designed to trap us and then make sure there was nothing left to gain.
The $TRIBL Tokens are Practically Worthless
When the tokens finally landed in our wallets this month, any hope of getting our money back evaporated. The value of $TRIBL has plummeted and there is barely any liquidity left. People are now holding tokens that are next to worthless, and selling them - if you can even do that - won't cover the loss. It's disheartening to realize that I, along with thousands of others, waited two years for what turned out to be a complete financial disaster.
I can't help but feel like this was all planned. Every step of the way, Coinlist, and Tribal Crypto made decisions that seemed to benefit them while leaving us, the investors, with nothing. First, they delayed the token release, then they changed the vesting schedule, and finally, they blocked all trading opportunities and restricted withdrawals. How much more obvious can it be?
Scammers are Scammers
The big question for me, and probably for everyone who's gotten off track here, is: Do these people have any sense of decency at all? Do they feel even a shred of empathy for what we've been through? It seems like they don't. If you ask me, it looks like a well-coordinated game from the start and we were just pawns in their game.
Coinlist is supposed to be a regulated, trustworthy exchange. But what is the point of regulation if it can't protect investors from this kind of blatant exploitation? It's not like we lost our money to market volatility but this feels like outright fraud and it happened right under the noses of a supposedly reliable platform.
My Final Conclusion
It's hard not to be angry and dejected. People put their trust in Coinlist and were let down in the worst possible way. At the very least, Coinlist should take responsibility for what happened. One thing is for sure: they've destroyed the trust of thousands of investors, and they can't let that go.
For future token presales I will stick to those on Binance and KuCoin.
If you haven't signed up for Binance yet to participate in legit token presales, feel free to use my referral link with the invitation code E3PGAJCE to sign up. Using this code can reduce trading fees on every Binance trade, benefiting us both.
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