NFT Investors, Be Careful! Here's Why Authority Think TreasureNFT is a Scam

In recent months, the world of NFTs has seen explosive growth, attracting investors from all corners of the globe. However, with any rapidly growing sector, scams inevitably follow, and NFTs are no exception. 

One such scam that has recently come to light is TreasureNFT, which has now rebranded itself as Treasure Fun. This platform has raised alarm bells among industry experts, authorities, and even the West Bengal Police. 

If you're an NFT investor or someone considering diving into this space, here’s why you need to be cautious, just in case, TreasureNFT is a scam.

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What is TreasureNFT?

TreasureNFT was originally marketed as a platform that allowed users to invest in digital collectibles through non-fungible tokens (NFTs). 

Investors could purchase, trade, and hold NFTs, which were touted to increase in value over time. However, over time, the platform’s operations began to raise serious red flags.

Initially, TreasureNFT seemed like a promising opportunity. Investors were attracted by the high rewards and potential returns, which made the platform appear legitimate. 

However, as more people joined and invested their funds, issues began to surface. TreasureNFT started withholding withdrawals, making it difficult for users to access their funds.

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TreasureNFT is a Scam, Is That Right?

Why do authority figures think TreasureNFT is a scam? The reason is the rebrand. TreasureNFT recently rebranded itself as Treasure Fun, and this is where things took a turn for the worse. 

According to a tweet by West Bengal Police, the platform began urging users to reinvest their savings into the new platform, claiming that they would be able to retrieve their lost funds. 

However, this is being seen as a classic scam tactic, a trap to convince people to send even more money, with no intention of returning anything.

This shift in branding is part of a common scam strategy known as “exit scamming.” When platforms or projects fail or get exposed for fraud, they often change their name or rebrand to escape the negative reputation and continue their fraudulent activities under a new guise.

The police department's Cyber Crime Wing has been cracking down on growing digital frauds and scams, including shutting down illegal call centers in Newtown, West Bengal. This highlights the growing concern around scams in the digital space and the importance of remaining vigilant.

The authorities’ warning is a reflection of the increased efforts to protect investors from scams that exploit people’s trust in the cryptocurrency and NFT markets.

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Red Flags that NFT Investors Should Look Out For

As of March 23, 2025, TreasureNFT had been holding withdrawals for a significant period of time, which is one of the biggest red flags in any investment platform. Delayed withdrawals are one of the most common signs of a scam, as it prevents investors from accessing their funds.

Additionally, TreasureNFT (now Treasure Fun) started to lure users with crypto rewards for performing simple tasks, such as connecting wallets. While this may seem harmless at first, it is an indicator of suspicious activity.

For NFT investors, here are some key red flags to be aware of:

1. Extended Withdrawal Times

Users began reporting withdrawal times of up to 96 to 168 hours, a significant delay that seems excessive for any legitimate platform. When asked about the issue, the platform either ignored the complaints or provided vague responses, further fueling suspicions.

2. Unauthorized Fund Access

Web sources have reported instances where users’ funds were accessed without authorization. This indicates that the platform may be manipulating or misappropriating investors’ funds, which is a clear sign of a scam.

3. Pressure to Reinvest

After users began to complain about their inability to withdraw funds, TreasureNFT rebranded as Treasure Fun and started pressuring users to reinvest in the new platform.

This is a classic tactic used by fraudsters to trap investors into a never-ending cycle of investment with the hope of recovering their initial losses.

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For NFT Investors: How to Protect Yourself from Scams

If you’re an NFT investor or someone considering entering the NFT space, here are some key tips to protect yourself from scams like TreasureNFT.

1. Research the Platform

Before investing in any NFT project, take the time to research the platform thoroughly. Look for user reviews, developer transparency, and any potential red flags. If the platform is new, check for signs of legitimacy such as audits or backing from reputable investors.

2. Be Skeptical of Unrealistic Promises

If a platform is promising guaranteed returns or rewards that sound too good to be true, they probably are. Scammers often use these tactics to lure in unsuspecting investors. Always approach high returns with skepticism.

3. Monitor Withdrawal Processes

Legitimate platforms allow users to withdraw their funds easily. If you notice that withdrawals are taking longer than usual, or worse, are completely disabled, it’s a major warning sign that something may be wrong.

4. Protect Your Private Keys

Never share your private keys or wallet information with anyone, no matter how convincing they may seem. Scammers may attempt to gain access to your crypto wallet by tricking you into revealing sensitive information.

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Conclusion

As the NFT space continues to grow, the risk of falling victim to scams like TreasureNFT is higher than ever. While the platform initially appeared promising, the red flags have raised serious concerns among authorities and investors alike. 

The West Bengal Police has clearly warned the public not to fall for the trap set by TreasureNFT (now Treasure Fun), urging people to be cautious when reinvesting or connecting their wallets.

NFT Investors should always exercise caution and due diligence before getting involved in any platform, especially those in the rapidly growing and often volatile world of NFTs. 

If you see any of the warning signs mentioned above, it’s best to walk away and find more reputable, transparent projects.

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FAQ

What is TreasureNFT?

TreasureNFT was a platform offering NFT investments but has been rebranded to Treasure Fun, now suspected to be a scam.

Why is TreasureNFT considered a scam?

TreasureNFT (now Treasure Fun) started withholding withdrawals and encouraging users to reinvest to "recover" their savings, a tactic commonly associated with scams.

How can I protect myself from NFT scams?

Always research the platform thoroughly, be wary of unrealistic promises, monitor withdrawal processes, and protect your private keys.

Is TreasureNFT the only NFT scam out there?

No. Unfortunately, there are many other NFT scams in the market. Always perform due diligence before investing.

What should I do if I’ve invested in TreasureNFT?

If you've invested in TreasureNFT, it’s best to cease any further transactions with the platform and report your experience to the appropriate authorities.