Ethereum (ETH) smart contract FairWin, recently accused of being the fastest growing Ponzi scheme on Ethereum, was cleared.
According to Etherscan's data, FairWin's balance sheet is exactly zero ETH at the time of press. Still, the smart contract held over 49,518 ETH just a few days since September 26th. FairWin's value also topped $ 10 million on September 21.
The fastest growing Ponzi scheme at Ethereum
It is unclear whether the contract was dropped by its owner, any malicious actors or affected users, but the diversity of address withdrawals suggests the latter.
As Cointelegraph reported on September 27, several crypto users of social media have analyzed what they thought was the fastest growing Ponzi scheme on Ethereum. Blockchain developer Philippe Castonguay warned at the time:
“http://FairWin.me The Ponzi Scheme contains critical vulnerabilities that put all funds at risk. Spread knowledge (especially in Asia) Users must withdraw their money and stop interacting with the contract ASAP. "
Later, Castonguay explained that he discovered three major vulnerabilities," one that allows the owner / management of the contracts to expire completely, one in which the administrator can prevent users from retiring forever and one in which someone, not just the owner, can stealing new deposits. "
Mainly shared on Chinese social media and blogs
A detailed claim by Reddit contributor chutiyabehenchod September 20. explained that FairWin was allegedly mainly shared on Chinese social media and blogs, working as a 5-day high investment program. Users reportedly deposited 1
“It is decentralized, but only 70% of paid-in amounts actually go back to pay commissions for the older deposits. […] 30% is always taken! Once the account is dried out, those who came in last are penalized by losing absolutely everything … probably some of them will be reinvestments. Currently with 40,000 ETH, 12,000 are already for unknown scammers. "
The post concluded that FairWin may be" one of the biggest scams ever seen in Ethereum. "
Cointelegraph recently reported that Bank of Bank Ireland executives could participate in a lawsuit against Mark Scott, which allegedly helped launder nearly $ 400 million via OneCoin cryptocurrency scams.