Tron blockchain may be the new chain for ponzi scheme operators using smart contract to legitimize and entice people to join.
Bank of Tron
Bank of Tron, a latest smart contract powered ponzi scheme launched and has been growing. It describes itself according to its website thus “Bank of TRON runs automatically on the blockchain and its smart contract is uploaded to the TRON blockchain. No one is able to edit or delete the smart contract, nor influence its autonomous operation. The dividends are also automatically paid through the smart contract. Get 3.7% – 6.7% per day! Bank of TRON smart contract set 3 tiers of referral rewards, which are 5%, 2%, and 0.5% respectively. Moreover, the invitee can also get 0.5% of his/her own investment as rewards. The referral rewards are distributed to your balance automatically and you can withdraw at anytime.”
A look at the website bank-of-tron.com shows over 420 million TRX coins invested in the platform. On Dapprader, bank-of-tron has a total of users of 22.4k with an increase over the last 30 days of 363%. Total transactions on the Dapp is 655.6k (+478.44%). For the same period, the dapp has a volume of $13.5 million and a balance of $2.8 million.
A look at the Telegram Community of Bank of Tron shows a 14k community. A look at its website shows it was registered in April, 2019. Bank of Tron also currently runs a Google ad.
“Fake” Bank of Tron
On the telegram community, there has been outcry over the cloning of the bank of Tron website by some actors to get investors to invest with them. The clone website is a complete replica of the Bank of Tron website. URL is tron-bank.com
Rise of Smart Contract Ponzi schemes
Fraudulent platforms has become commonplace in the crypto industry.
Recently there has been a surge in ponzi schemes involving the use of smart contracts to sell the legitimacy of their craft and entice people to come to invest in the schemes.
These schemes used smart contracts built on the ethereum blockchain. The operators publish enticing offers to get people to invest in them and get a specific amount of returns in a period. They also use referral systems to pull others in.
Images credit: dapprader
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