Chinese Crypto Ponzi Becomes Top Polygon (MATIC) Holder, Here's How

  • 📰 Utoday_en
  • ⏱ Reading Time:
  • 50 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 63%

Coin Coin Headlines News

Coin Coin Latest News,Coin Coin Headlines

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

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 295. in COİN

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

PayPal Owned $604 Million in Crypto Last YearPayPal’s wallet service held over half a billion dollars in Bitcoin and Ethereum on its customers’ behalf in 2022.
Source: Crypto_Potato - 🏆 568. / 51 Read more »