SmartBCH already created a positive impacts since it was launched. There are already positive things happened , make BitcoinCashers experienced having transactions in Decentralized Exchange (DEX)with Bitcoin Cash.
The sidechain also attracted huge investors and whales to make profit with those first ever tokens of smartBCH. Apart from it, people who wants to make a token of their own has now opportunities to mint it in the first DeX in smartBCH Benswap.
But well, SmartBCH is too good and new. Considering that it will become mainstream and highly supported by us as BitcoinCashers,bad people made this as opportunity to harm and steal money from other people.
Anyway in crypto, we have the famous quote " Invest what you can afford to lose" which means, just invest or use money that you can sacrifice if in case that, there is something unwanted things happens. Release it and accept the risk as what experts says.
Due to the transparency nature of a cryptocurrencies ,Decentralized Exchanges and the so-called Tokenization, people with bad intentions can freely move around the new space.
Since the chain is pretty new and knowing that each token created in the sidechain of Bitcoin Cash is highly supported by BitcoinCashers, they made this as a big chance to steal money from us using the well-known exit scam in crypto space also known as "Rug Pull".
So, here's what happened before the disaster...
After the success of Eben as the first token of smartBCH and Benswap.cash, new tokens followed including CashCats as the fourth previously third token based on liquidity according to marketcap.cash.
Then other token and unknown creator follows including MonkeyCash(MCASH). Upon looking at their project, it sounds too legit and trustful. The token is complete with supporting documents such as website, roadmaps and plans.
Since they have all of them, you can really attracted to it and drop some money to invest in. The token has decent liquidity that can make yourself comfortable to buy more. And that what I did.
Due to the massive dip happened recently, investors movements became ups and down and most of them are panic selling and I think, that what make the creator of Mcash worried or can be their best chance to exit.
And there it is! The worst thing happened! Owner of MCASH token exit along with the Bitcoin Cash they stole from their retail investors. Telegram group chat has been closed that you can't able to message, their website imonkey.cash became unreachable and creator's TG account was removed by them.
What happened to the investors? Hahaha nothing. Once the exit scam happened, you can't do anything but to accept the fact that you take the risk which means,you trusted them with your money and accept what the possible occurrences.
In investing especially in cryptocurrencies, "Invest What You Can Afford To Lose" is the most important thing to apply before attempting the risk. If the unwanted thing happens, atleast you only lose a small percentage of your savings. Just don't forget DYOR or Do Your Own Research before everything.
In our case, we only applied IWYCATL strategy and sadly, DYOR don't work. Due to the fact that the project was supported with some major requirement of a potential project but that successfully deceived us. Maybe nextime, we can do better and wise choices upon choosing where to invest in. Atleast, we acquired new learnings that we can use in the future.