• 23 July, 2024

Chinese Ponzi Project is 5th Top MATIC Holder with 22.37M

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:

Source: PeckShieldAlert Twitter (@PeckShieldAlert)

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.

Source: PeckShieldAlert Twitter (@PeckShieldAlert

The address has managed “Surpassing Binance: Hot Wallet2” to be the 5th largest MATIC holder, consuming 100,000 MATIC gas in mere 7 days.

Source: PeckShieldAlert Twitter (@PeckShieldAlert)

Sharing the news, Colin Wu tweeted:

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:

Naz states relevant interactions on the matter have occurred on a “Chinese social media version of Twitter.”

Sharing the insights, Naz tweeted:

Naz shared a tweet from a user by the name 激动 (@jdng42372579) sharing insights on the New Taishan crowdfunding SUN4.0:

Naz tweeted:

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:

  1. Open Position (capped at 1000 $MATIC)
  2. Close Position (duration is uncapped)
  3. 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.

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