A few months ago, I decided to participate in an ICO (Initial Coin Offering) for a project called SolarCoinX, which claimed to be launching a decentralized energy project backed by blockchain technology. It seemed like the perfect opportunity to combine my interest in cryptocurrency with a cause that mattered—sustainable energy.

The project’s website was sleek, and their whitepaper outlined a promising roadmap for SolarCoinX’s integration into the renewable energy market. The team appeared to have experienced professionals from the energy and blockchain industries, with LinkedIn profiles to back up their credentials. The project even had a public presale, which I joined after confirming the legitimacy of the project through a quick online search. I also saw that some influencers I followed on Twitter were promoting the ICO, which seemed like another positive sign.

At first, everything went as planned. I bought SolarCoinX tokens during the presale, investing $5,000 in Ethereum. I received my tokens and patiently waited for the official launch of the token on exchanges. The team communicated frequently on Telegram, sharing regular updates on their progress and partnerships, which only encouraged me to hold onto my tokens and wait for the price to increase once the token was listed.

But as the launch date neared, the updates started to slow down. Then, I noticed that the website’s domain was no longer available. Attempts to reach the team via their social media accounts were unsuccessful—they had all been removed, and the Telegram group became completely inactive. I realized the unthinkable: I had been scammed.

It turned out that SolarCoinX was a classic exit scam—the team had lured investors in with an exciting, yet completely fabricated, business plan. They took the funds and disappeared once they reached their target amount. There was no product, no development, just a website that was meant to convince people that this was a legitimate project.

I lost the $5,000 I invested, but I also learned an incredibly important lesson: don’t trust any ICO that promises “guaranteed returns” or uses social media hype to validate the project’s legitimacy. Always conduct thorough research—check for real business operations, legal documentation, and third-party audits. If something feels off, it probably is. Never let the hype blind you to potential red flags in a project.