The cryptocurrency address 0xc7728354f9fe0e43514b1227162d5b0e40fad410 of a Chinese Ponzi project has reportedly amassed 22.37 million MATIC in a short-span. By doing so, the said address is now the “5th largest holder of $MATIC.” Quote-tweeting Colin Wu (@WuBlockchain), a Chinese reporter, PeckShieldAlert tweeted:
#PeckShieldAlert The address 0xc772, associated with a Ponzi scheme, has amassed ~22M $MATIC, making it the 5th largest holder of $MATIC.
— PeckShieldAlert (@PeckShieldAlert) February 13, 2023
It is one of the Top gas spenders on Polygon and has been consuming a significant amount of gas fees in recent days. https://t.co/Oum2lnY2qJ pic.twitter.com/ZeeS48s0Oe
The 0xc772 address has reportedly emerged to be among the top Polygon gas spenders. It has continuously used a high gas fees amount in just some days.
The address has managed “Surpassing Binance: Hot Wallet2” to be the 5th largest MATIC holder, consuming 100,000 MATIC gas in mere 7 days.
Sharing the news, Colin Wu tweeted:
The address 0xc7728354f9fe0e43514b1227162d5b0e40fad410 of a Chinese MLM project accumulated 22.37 million MATIC in a few days, surpassing Binance: Hot Wallet2 became the fifth largest MATIC holding address. This address has consumed 100,000 MATIC gas in the past 7 days.
— Wu Blockchain (@WuBlockchain) February 13, 2023
Per Colin Wu, while reportedly the 0xc772 address’ number of transactions were around 117,000 on February 12, it soared the Polygon Gas’ median to over 700 GWEI. Naz (@CryptoNasss) states the said Ponzi project offers 1% daily APR referral staking.
Naz went on to ask in a twitter thread if the Cryptoverse is curious about knowing what
The #1 Smart Contract on Polygon that’s been eating up gas fees in the last couple of days is all about?
Naz tweeted:
Wonder what the #1 Smart Contract on Polygon that's been eating up gas fees in the last couple of days is all about?https://t.co/feD11vM42f
— Naz (@CryptoNasss) February 10, 2023
Avatar – Polygon
A thread.
🧵-
Naz states relevant interactions on the matter have occurred on a “Chinese social media version of Twitter.”
Sharing the insights, Naz tweeted:
2.
— Naz (@CryptoNasss) February 10, 2023
However I have come across a few Tweets that may give some information about this, here's one of them:https://t.co/w4vCXkfaZZ
Naz shared a tweet from a user by the name 激动 (@jdng42372579) sharing insights on the New Taishan crowdfunding SUN4.0:
Naz tweeted:
2.
— Naz (@CryptoNasss) February 10, 2023
However I have come across a few Tweets that may give some information about this, here's one of them:https://t.co/w4vCXkfaZZ
Per Naz, the project team appears to be some sort of Referral staking protocols with extremely high rewards rate.
Three main contract interactions using the on-chain PolygonScan data are relevant, per Naz.
These contract interactions include:
- Open Position (capped at 1000 $MATIC)
- Close Position (duration is uncapped)
- Claim Referrer Reward (Self explanatory)
Naz explains if a person opens a position he sets his referrers wallet address and gains some of his initial investment which honestly at this point isn’t obvious where the funds originate from.
Expressing a caution, Naz flags the oblivious bot activity wherein a multitude of wallets with 100K+ $MATIC emerged to start dispersing funds in 1000 $MATIC during their alts. Explaining the simple strategy, Naz states while the primary wallet refers him or herself to all their alts, in the said case 100K $MATIC is split into 100 sub-wallets.
Naz went on to reveal in even more detail the information initiated by Taishan CrowdFunding’s team, Wang Zong, Liu Income. Naz states the project offers 1% per day short-term position for 3-7 days, mid-term position for 8-15 days, and long-term position for 16-30 days.
Having a dynamic income with total 12 levels, every level has a 0.5% turnover rate. There is also a “Play once and earn once – play 6-30 times a month,” adds Naz. With a high daily APR (1% to 2%), Naz states the contract amassed $30 million in just 2 days.
