I’ve always been intrigued by the idea of earning passive income, so when I came across a crypto lending platform called LendPlus, it seemed like the perfect opportunity. The platform promised users the ability to lend their crypto assets to borrowers and earn up to 18% annual returns. The website was professional, featuring detailed FAQs, user testimonials, and an interface that mimicked popular platforms like BlockFi.

LendPlus claimed to have partnered with major exchanges and financial institutions, and their promotional materials emphasized their commitment to security and transparency. Feeling reassured, I decided to start small, depositing $3,000 worth of Bitcoin into their lending program.

For the first two months, everything seemed legitimate. My dashboard showed steady growth, and I received regular email updates about the platform’s performance. Encouraged by the results, I decided to deposit an additional $10,000, believing this would maximize my returns.

The trouble began when I tried to withdraw a portion of my funds. My withdrawal request was flagged for “additional security verification,” and I was asked to pay a $500 fee to process the transaction. Skeptical but eager to access my funds, I paid the fee. After that, I received another email claiming that my withdrawal was delayed due to “network congestion” and that I needed to pay another $1,000 to expedite the process.

By this point, I realized I had been scammed. The website went offline a week later, and I lost all contact with their supposed support team. The partnerships they advertised were fake, the testimonials were fabricated, and the platform was designed solely to steal funds from unsuspecting investors.

What I Learned
This experience taught me to:

Verify Lending Platforms: Check for audits, reviews, and transparency in their operations. Reputable platforms often have their financials publicly verified.
Be Skeptical of Fees: Legitimate platforms don’t require multiple fees to process withdrawals.
Start Small: Always test new platforms with a small amount before committing more significant funds.