BlockchainPolygon (MATIC)Scams

Chinese MLM Project Accumulated 22.37M MATIC, Surpasses Binance

According to a recent update from Wu Blockchain, an address affiliated with a Chinese multi-level marketing firm has eclipsed Binance in MATIC holdings by collecting 22.37 million MATIC in a short period.

According to sources, Hot Wallet2 has surpassed the fifth-largest MATIC holding address. In addition, this site utilized 100,000 MATIC gas last week.

The number of transactions at this site on February 12 reportedly reached 117,000, increasing the median price of Polygon Gas to more than 700 gwei at one point.

MLM offered 1% referral staking every day


The analyst CryptoNasss (NAZ) said on Twitter that this multi-level marketing enterprise provided a referral staking fee of 1% daily annual percentage rate (APR). However, NAZ believes that more information about this circumstance should be available on Twitter since most discussions are likely on some Chinese social media equivalent to Twitter.

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On the other hand, NAZ claims to have unearthed a few Tweets that may give some insight into this;

NAZ claims that the tweets are from the organization in charge of the project, a referral staking system with a very high return rate.

NAZ signifies a Ponzi scheme

In response to questions on Twitter, NAZ claims that the continuous activity might be a Ponzi scam, but the individuals behind it are really trustworthy. According to NAZ, collecting $25 million in a handful of days is huge even for an alleged MLM.

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Curtis Dye

Curtis is a cryptocurrency news and analytics author with a focus on DeFi, BLockchain, CeFi, NFTs etc. He has publication skills such as SEO optimization, Wordpress, Surfer tools and aids his viewers with insights on the volatile crypto industry.

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