Six Addresses Dominate The ETH Usage Related To One Smart Contract

The harsh Reddit community is now going over the suspicions that only six addresses are the most active ones on Ethereum, burning above 45 percent of all gas and it seems like all of them are connected to one single smart contract as we are about to find out more in the latest cryptocurrency news below.

The Reddit thread stated that all of the six addresses and most active wallets on the Ethereum network is that they are all communication with the contract number ‘’ 0x01eacc3ae59ee7fbbc191d63e8e1ccfdac11628c” which is the one smart contract that has been rising to the top of the list as the biggest gas burner of Ethereum. The smart contract burned more than 39 percent of all Ethereum gas and just one day ago the contract only used 17 percent. the activity has been defined as a ‘’Fair Win’’ which is a game spreading through Chinese social media channels and some believe that this is a pure Ponzi scheme that lures new buyers to continue the operation. The pattern of the gas usage suggests that it is most akin to the previous game that mixed the Ponzi scheme and timing.

In those games known as 3d betting, the players deposit ETH into the smart contract and then wait until the last person who bids make the ‘’exit-scams’’ with all the winnings. The game promises to be fair but the organizers have the big advantage of high ETH reserves and the ability to pay for the network use. The previous research of FOMO games on the Ethereum network shows that the organizers spammed the network enough so that they are now even preventing the pool of ETH from going into the hands of the regular player. The investigators found that towards the end of the FOMO3D game, someone paid to hire entire blocks so that only their transactions will be included.
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The transaction of the players with lower fees will remain pending until the game ended. No one can come up with the simple rules of buying the last ticket into the game. This also explains why Ethereum saw a huge surge in daily transaction fees on the network which exceeds $200,000 in 24 hours as we can see in the altcoin news today.