Spending Ethereum FairWin Contract Risk Users’ Assets
The most active contract on the Ethereum network, called “FairWin”, allegedly puts its users’ assets at risk and continues to consume a significant portion of the network’s resources..
Blockchain developer Philip Castonguay writes: “FairWin is a pyramid scheme that contains critical vulnerabilities that threaten all funds in it. Spread this information (especially in Asia). Users need to withdraw their funds and stop interacting with the contract as soon as possible “.
Cybersecurity researcher Harry Denley has collected information about the addresses used by FairWin and possible exploits. “The FairWin contract is a supposed HYIP scheme that contains a large amount of funds in ETH,” he writes..
Citing an investigation by a Reddit user, Denley cites six addresses that consistently send transactions to the FairWin contract and consume about 50% of the network’s resources..
The author of the investigation points out that FairWin mainly attracts investors on Chinese social networks and blogs and is invited to participate in a highly profitable scheme where users are invited to deposit from 1 to 15 ETH and receive an interest payment of 0.5-1% in five days..
“The contract is decentralized, but only 70% of the incoming funds are used to pay commissions to old depositors. 30% is always taken away! As soon as all the money is withdrawn from the account, those who entered the last will be punished with a complete loss of the deposit. Some of them are re-investing. Currently, there is 40,000 ETH on the contract, 12,000 ETH has already gone to an unknown fraudster, ”he writes, adding that FairWin may turn out to be one of the largest fraudulent schemes in Ethereum history..