Many people, particularly in certain regions like Pakistan, India and Bangladesh, are tempted to apps such Treasure NFT, HAHM and others that promise easy money through passive investing, frequently with little to no effort required. These platforms tempt users with the promise of instant rewards, capitalising on their yearning for financial freedom.
However, the majority of these apps are scams intended to defraud people by either taking their money or failing to deliver on promises. On March 24, it was claimed that people from Pakistan alone had invested $143,800,000 into Treasure NFT as part of an Eid offer. Many users are now disappointed because the system no longer allows withdrawals. This has resulted in significant despondency, as many people took out loans to invest.
Such fraudulent schemes promote a culture of greed, false hopes and financial devastation. People, particularly those unfamiliar with the digital economy, fall victim to these tactics, causing long-term damage to community trust. To counteract digital investment scams and help users avoid falling prey to such fraudulent schemes, there is need to enhance financial literacy, raise risk awareness and impose stronger controls on app developers.
Mushahid Gul
Usta Muhammad, Balochistan
