Cypher
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

Cypher

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.

📰 Also read:  HSBC Unveils Tokenized Gold Targeting Hong Kong-based Retail Customers 

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.


Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  BTC, ETH Reaches New All-Time Highs, As U K. Approved Bitcoin-ETF

Cypher

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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content