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Ponzi Scheme Linked Wallet Becomes Fifth Largest MATIC Holder

Published 02/13/2023, 05:14 AM
Updated 02/13/2023, 05:30 AM
Ponzi Scheme Linked Wallet Becomes Fifth Largest MATIC Holder

  • A Chinese MLM-linked wallet has accumulated 22.37 million MATIC.

  • The wallet surpassed Binance in MATIC holdings.

  • The wallet is now the fifth largest MATIC holder.

According to the details let out by the Chinese journalist Colin Wu, a wallet address linked with a Chinese MLM project has accumulated over 22.37 million MATIC in a few days.

The wallet has surpassed Binance‘s hot wallet 2 holdings to become the fifth largest MATIC holder. The address has also utilized 100,000 MATIC gas over the last seven days. The number of transactions on the wallet address also shot up by 117,000. It triggered the median of Polygon gas to spike by more than 700 gwei.

The MLM project also reportedly offered a referral stake of 1% APR daily. According to the details, the team behind the MLM project runs a referral staking program that provides an extremely h…

The post Ponzi Scheme Linked Wallet Becomes Fifth Largest MATIC Holder appeared first on Coin Edition.

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