Biggest Ethereum Contract FairWin Puts Users Funds At Risk

The biggest ethereum contract on the market named FairWin is reportedly putting the users’ funds at risk and guzzles a huge amount of gas on the network as we are about to read in the ethereum news today.

Many of the crypto social media users have started analyzing what they believe to be biggest Ponzi scheme on Ethereum and the blockchain developer Philippe Castonguay warned:

 “The https://FairWin.me Ponzi Scheme contains critical vulnerabilities that put all funds at risk. Spread knowledge (especially in Asia) Users need to withdraw their funds and stop interacting with the contract ASAP.”

There was a detailed Dune dashboard that was collated by the security and anti-phishing researcher Harry Denley at Meta Cartel Ventures which provides an overview of the contract and its creator’s exploits. Denley noted that ‘’the FairWin contract is a Ponzi scheme which holds a huge amount of ETH in it.’’ His dashboard provides a link to Reddit which collects the details of 6 ether wallets that reportedly account for high percentage levels which fluctuate around 50 percent of network gas used that are all spamming deposits to the same contract address.

A detailed allegation from a Reddit contributor noted that the biggest ethereum contract FairWin is mainly shared on Chinese social media and works as a 5-day period high yield investment where the users deposit up to 1-15 ETH and get high percentage return of 0.5 or 1% after 5 days:

 “It’s decentralized, however only 70% of the amounts deposited actually go back to pay the commissions of the older deposits. […] 30% is always taken! Once the account is dried out those that entered last will be punished by losing absolutely everything… likely some of them will be reinvestments. Currently with 40k ETH, 12k are already for the unknown scammers.”

As per the latest cryptocurrency news today, the community members claim that the contract is being susceptible to being ‘’ drained by the owners’’ and one of the commentators alleged that there ‘’is a separate attack black hats can do if the owners don’t stop it.’’ Ethereum’s network participants are now trying to raise the block size of the network in order to prevent network congestion.