According to a recent update from Wu Blockchain, an address connected to a Chinese MLM company has eclipsed Binance in terms of MATIC ownership after quickly amassing 22.37 million MATIC.
Read CRYPTONEWSLAND onHot Wallet2 is now reportedly the fifth-largest MATIC holding address. Additionally, 100,000 MATIC gas was utilized here last week. According to reports, this address processed up to 117,000 transactions on February 12, driving the median price of Polygon Gas to over 700 gwei at one point.
An analyst named CryptoNasss (NAZ) claimed on Twitter that this multi-level marketing company gave referral staking at a rate of 1% per day for an annual percentage rate (APR). The majority of interactions are likely occurring on a Chinese social media platform that is Twitter’s equivalent, but NAZ claims that more information about this circumstance has to be posted on Twitter.
NAZ, on the other hand, claims to have found a few Tweets that might provide some light on this;
The Twitter user also claims that the entity behind the project, a referral staking system with a very high payout rate, is the source of the tweets.
CryptoNasss responds to inquiries on Twitter by saying that although the current activity may be a Ponzi scam, the individuals behind it can be trusted. Even for an alleged MLM, $25 Million is a massive amount in a matter of days, according to NAZ.
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