Scam Alert! Ponzi schemes dominate Ethereum Gas Fee rankings, Philippine SEC issuers multiple warnings!
Despite warnings from regulatory authorities as many well-known Ponzi schemes like Onecoin, Plustoken, and Wotoken have collapsed one after another behind their glamorous facades, Ethereum-based investment projects like "Forsage" and "Contribute" continue to attract potential victims, further exacerbating the already high Gas Fees.
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Philippine SEC Issues Warning
"Forsage," which started in February 2020, claims on its homepage to be the next-generation international crowdfunding platform. Although the profits for members come from later joiners, the official statement emphasizes that fund distribution is governed by an Ethereum smart contract. The founders and users participate in the project equally, providing the contract code for review, requiring only 0.05 ETH to participate. Despite a notice issued by the Philippine SEC to remind users, it has been removed for unknown reasons.
Furthermore, the Philippine SEC also issued a warning about another Ponzi scheme, "Mining City". According to its website, "Mining City" is a cloud mining project that offers investors six mining plans ranging from $300 to $12,600. The concept involves users renting mining machines to mine tokens called "Bitcoin Vault," with users receiving daily profits ranging from $2 to $92 based on different plans.
The Philippine SEC pointed out:
The operating model of "Mining City" clearly indicates that it is a Ponzi scheme, where new members' funds are used to pay non-existent profits to early members to attract top investors. It is recommended that all Filipino citizens cease investing in "Mining City" or any smart contracts not registered with the SEC.
Gas Fees Slightly Decrease, Costs Still High
Despite a significant decrease in Gas Fees following the coin issuance frenzy on Uniswap, the average Gas Fee has now dropped to 93 Gwei. However, compared to before Compound launched liquidity mining, the current Gas Fees are still several times higher. The Gas Fee consumption ranking from ETH Gas Station is as follows:
Following the return of liquidity, Uniswap's fees still rank first, with USDT in second place. The Ponzi scheme "Forsage" and the emerging "Contribute" rank third and fourth, respectively. Ironically, if DeFi does not continue to thrive this year, "Forsage" will dominate the fee rankings long term and become one of the main applications on the Ethereum chain.
Moreover, in the context of persistently high Gas Fees, these high-risk investment schemes may appear riskier. As the saying goes, "Earned interest, lost principal," and high Gas Fees may discourage users from withdrawing frequently, leading to all unwithdrawn assets being placed in potential exit scam projects, ultimately resulting in "Lost interest and lost principal."