How a Phony UNFi Token Almost Made Me Rich

So, there was this fake token that sounded a lot like UNFi, and it turned some folks into millionaires outta nowhere. Back in 2020, a bunch of people who got into the UniSwap Finance airdrop each received 750 UNFI tokens. But even though those tokens were handed out, they never actually got listed officially anywhere. A few months later, I stumbled upon a chat in a Telegram group one morning. There was this token on Binance named UNFi, trading for about $30-$40. I learned that due to the name confusion, this "dead" token's price shot up to around $20-$26. I made about $2,600 profit from my 750 UNFI tokens, but at one point, their total value topped $20,000. The catch? There was a serious liquidity issue. Even though PancakeSwap would occasionally show figures like $3,000, $7,000, or even $20,000, actually selling those amounts was a no-go. The high volatility made slippage a real pain as well. So, plenty of people thought they were in the green, but couldn’t cash out. You could sell off the tokens bit by bit, but most didn’t catch on to that. I slowly sold my 750 UNFI tokens, and in the end, by playing the P2P game, I managed to rake in about $4,000-$5,000 from this whole ordeal.

Clickbait title $4,000 - $5,000 isn't anywhere close to a million dollars, or were you meaning getting close to becoming a millionaire in other currency? The Biggest problem about such coins is liquidity, especially if they are not listed in popular exchanges which is why people trade mostly with less than $100. I have similar experiences back then but with ICOs. One could easily make close to $20K from jut $100 to $500. The good old days of Etherdelta!

I thought that you're really there in making nearly a million. But that's a nice story you have it there and you got our attention for visiting the thread. I think that these scam tokens are usually waiting for the right time to get executed and produced whenever there are projects that have become successful with their early launching. So, those who have this type of strategy and are chasing the token launches, you'll be careful if you think of riding the hype or arbitraging.

Lol, this one made me go in this thread to since I'm curious on how he made millions base on what he write on the title. Also its true that the liquidity will be the first challenge they need to deal since even if it pumps to huge figures, but if there's no volume that can cater their sell order there's a chance that their transaction will get stuck. Then they might wait for new buyer to come before their sell order will get filled especially if the token they are trading didn't got decent volume. Didn't have same experience like this before since I'm avoiding dead tokens since I always think that they are not ideal to invest because the risk to lose is so high.

You were a millionaire in the same way Justin Sun is a billionaire. He owns a majority of the TRX supply, which makes him worth billions of dollars on paper, but it is only unrealized value. If he ever tried to sell all of his coins at once, he would only receive a fraction of the value. Back in 2020, there weren’t any DEXs that I remember which had limit orders, TWAP, or MEV protection. You basically had to settle for whatever amount you could get for your airdrop tokens.

Feels bad for those people who swapped with useless coin and those people who did P2P with you who probably thinks they received the coin that got listed in binance yet its actually something else a.k.a being misled. And as other mentioned, you're not millionaire by owning $5k.

This is what most people do not understand. Same goes for most crypto rich people, they think that they can do a great job but the reality is simply not that. If someone who has 1 billion dollars in even bitcoin, which is a very high volume and high liquidity coin, they would still lose hundreds of millions while selling in the market price, which is why many rich people try the OTC method if they want to get rid of something, which they may able to do in this case for bitcoin, but stuff like UNFI or TRX. Moreover, I could not agree that calling that token as a fake one. Because, listing will not decide whether it is a real one or fake, there were thousands of abandoned tokens and coins due to inefficient devs where fake means, creating duplicate of a successful one, here I am not seeing anything like that.

I see your story as a cooked story because there's no way you could make $4,000 - $5,000 from a fake token that was airdropped to your wallet with the motive to make money from you by paying for a swapping fee, and you won't succeed in swapping the token. I have a lot of fake tokens resting in my trust wallet, and they are worth thousands of dollars, but since I know they were sent to my wallet so that my wallet seed phrase can be exposed or to make money from me, I am not moved to make an attempt to swap the tokens on Pancakeswap.