Chinese crypto Ponzi scheme now holds more Polygon $MATIC than Binance w/ PeckShieldAlert and WuBlockchain Polygon MATIC
Chinese journalist and insider Colin Wu added that the project looks more and more like a"multi-level marketing" scheme. His sources claim that Avatar users are offered unbelievably high interest over 1-2% daily. As the project targets only Chinese audience, it has no social media activity on Twitter, Facebook or Reddit.
Initial deposits are capped at 1,000 Polygon tokens; users can lock their funds for three to thirty days.So far, the main contract of this scheme is the fifth largest account on the Polygon network; it surpassed even the hot wallets of Binance , the largest crypto exchange. By press time, the platform is responsible for 0.25% of all Polygon tokens in circulation.
Its team is also among the largest gas consumers in the Polygon ecosystem. In seven days, it spent over $120,000 on gas fees. As of Feb. 13, 2022, it is the fourth most active gas consumer; it uses over 3.5% of the gas on the Polygon network.First, such schemes create an enormous transactional pressure on the network. In May 2020, the Ethereum network became almost unusable thanks to the activity of MLM and Forsage Ponzis: the transactions became too expensive and too slow.
The Avatar team can start dumping these tokens, causing unhealthy volatility. Polygon is the most popular token of the burgeoning
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