According to Etherscan’s data, at press time FairWin’s balance is exactly zero ETH. Yet, the smart contract held over 49,518 ETH just a few days ago on Sept. 26. FairWin’s value also topped at over $10 million on Sept. 21.

Ethereum (ETH) smart contract FairWin, recently accused of being the fastest-growing Ponzi scheme on Ethereum, was emptied.

The fastest-growing Ponzi scheme on Ethereum

It is unclear whether the contract was drained by its owner, some malicious actors or concerned users, but the multitude of withdrawing addresses suggests the latter.

As Cointelegraph reported on Sept. 27, multiple crypto social media users have been analyzing what they believed to be the fastest-growing Ponzi scheme on Ethereum. Blockchain developer Philippe Castonguay warned at that time:

“The 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.”

Later Castonguay explained that he discovered three main vulnerabilities, “one allowing the owner/admin of the contracts to totally drain, one where the admin can prevent users from withdrawing forever and one where anyone, not just the owner, can steal new deposits.”

Mainly shared on Chinese social media and blogs

A detailed allegation from Reddit contributor chutiyabehenchod on Sept. 20 outlined that FairWin was purportedly mainly shared on Chinese social media and blogs, and worked as a 5-day period high yield investment program. Users allegedly deposited 1–15 ETH and got a percentage return of 0.5–1% after five days. The post continued:

“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.”

The post concluded that FairWin could “be one of the biggest scams ever seen in Ethereum.”

Recently, Cointelegraph also reported that executives at the Bank of Ireland could join a trial in the case against Mark Scott, who allegedly helped launder nearly $400 million via cryptocurrency scam OneCoin.

Formula 1 Open Tokenized Crate Sale on Ethereum Blockchain

F1 Delta Time, the Ethereum-powered blockchain game has begun to sell in-game item crates.

Players are now able to purchase a collection of cars, parts, drivers and racing gear with the ERC-721 non-fungible tokens (NFT), according to F1 Delta Time official announcement from Feb. 25. The sale will run through March 9, with 6,500 total crates up for grabs with prices set to increase from the current levels after March 3.
NFT’s are a form of a digital collectible that are not interchangeable since they carry unique qualities and vary in their level of rarity.

What’s on offer?

Those who purchase the crates will also have a chance to win one of three limited-edition cars from the “Four Guardians Apex” with the number of entry tickets determined by the rarity level of the crate. There are four crate types ranging from Common ($18) to Legendary ($450) available for purchase.

On top of that, F1 Delta Time has also announced that players will be able to earn in-game REV currency through a NFTs Staking mechanism. REV is an ERC-20 fungible token that serves as the primary currency in F1 Delta Time and is used to conduct payment and issue rewards after races.

Popularizing blockchain in F1 auction

As Cointelegraph reported last year in November, F1 Delta Time held an auction of F1 car-branded NFTs last year. As reported, Formula 1 signed a global licensing agreement with Animoca Brands a blockchain startup powering the F1 Delta Time in March of last year.

Animoca Brands has previously auctioned off other cars, including a car called “1-1-1” which was released on May 24 last year. It is described as a “truly one-of-a-kind digital collectible and a digital milestone in motorsport” that was sold for 415.9 ETH in May 2019 – about $113,000 at the time.

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