Ponzi scheme responsible for high gas fees
https://brave.com/bit869

Ponzi scheme responsible for high gas fees

By bitcoindelight | bitcoindelight | 16 May 2020


I use Ethereum quite often on different sites for games and news sites. Usually, I do 3-5 transactions a week - although I started to think twice to send ETH recently when I noticed that I had to pay insane high fees for my transactions. 

January was the first time I noticed an increase in gas fees. I did some research and found different articles people stating that we are about to have more ETH addresses so it seems we move forward with a global adoption mainly driven by #DeFi. 

Confirmed by Weiss Crypto ratings as well:

 

But lately, I started to do some research again and suddenly a Ponzi scheme was identified that is responsible for the congestion of gas on the Ethereum blockchain. This was Ponzi was identified in April the first time: 

Today I looked at https://ethgasstation.info/ 

and MMM has been identified as the contract address that consumed nearly 10% of all daily gas.

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Who is MMM?

 

MMM Global (also known as МММ-2011 / МММ-2012) is a Ponzi scheme launched in 2011 by Sergei Mavrodi, with subsidiaries in up to 110 countries[citation needed]; it became widely popular in various African countries like South AfricaNigeriaZimbabweKenya and Ghana with some attributing this popularity to poverty and poor government regulation or law enforcement.[1]

(source: https://en.wikipedia.org/wiki/MMM_Global)

Well, I have seen a few crypto games that have switched to TRON and EOS as users complained about the daily transaction fees. But after this has been identified I hope that there is way back to normal transaction fees soon...or we might have to wait for ETH 2.0. 

 

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bitcoindelight
bitcoindelight

I started mining and trading in 2017, participated in airdrops, hardforks, and ICOs. I spent much time making myself familiar with technical analysis. I like to make people aware of things I am currently doing in the crypto space, projects I am currently spending time on.

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