Avatar “Multi-level” Project Becomes The World’s 5th Largest MATIC “Whale”

Avatar, a supposed Multi-Level (MLM) GameFi project, has lately been found to be the world’s 5th biggest MATIC holding “whale”.

According to Wu Blockchain, the Avatar project’s address 0xc7728354f9fe0e43514b1227162d5b0e40fad410 has acquired 22.37 million MATICs in recent days, overtaking Binance’s Hot Wallet2 as the world’s fifth largest MATIC holder. This wallet has held 100,000 MATIC gas fees in the last 7 days, raising Polygon’s average gas level to almost 700 gwei at one time. On February 12, the project’s total transaction volume reached 117,000.

Although there is currently little information available about the project, some sources claim that Avatar is located in China and has a reputation as a multi-level company strategy (MLM). Participants are awarded based on how many persons they successfully recommend. Meanwhile, Avatar advertises itself as a GameFi project, with a staking mechanism via a “magic box” in which users can voluntarily stake tokens between 24 hours to 181 days. This MLM scheme is said to pay an APR of 1% every day.

This revelation has sparked widespread alarm among the neighborhood. The reason for this is that the anonymity of crypto has inevitably led to a rise in ponzi scams over the years. As a result, these initiatives have evolved into “whales” and are completely capable of navigating pricing. Avatar will be a name that investors should keep an eye on.

China busted the PlusToken ponzi scheme in 2020, seizing up to 4.2 billion USD in cryptocurrencies. MATIC is presently trading at $1.18, down more than 8% in the last 24 hours, according to Binance statistics.

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