Suspected “More Gold Coin” Airdrop Clogs Ethereum Network as Many Speculate It’s a Scam

Trouble is brewing on the Ethereum network following a crisis caused by the More Gold Coin. MGC, as it is abbreviated, is reportedly obstructing the network, forcing transaction costs to shoot to 20 gwei or $0.10.

In what’s suspected to be a massive airdrop, MGC is being dished out to lots of addresses. With a reported 8 million transfers already happening, Etherscan has already recorded a whopping 360,000+ of them receiving the tokens with the numbers rising significantly.

While this unanticipated happening is going on, the amount of damage to be paid by the spammer should go beyond $1.3 million in transaction fees alone. This is according to Eric Conner, a product researcher working at Gnosis.

Has Lots Of Questionable Features

But the trouble isn’t directly related to the gags it has caused on the Ethereum network alone. There’s a lot of suspicion surrounding it with many seeing it as a ploy to rip off TrueGoldCoin, a failed stablecoin backed by gold whose existence had raised many questions.

Furthermore, the project’s whitepaper is questionable, both in how it’s written and the content. One bizarre phrase is the insinuation that “MGC Token smart wallet” has “hematopoietic roles.” Upon Googling up the term and comparing it with the coin, one finds them totally unrelated!

What’s even more ridiculous, More Gold Coin appears to have tactfully created a video to market the coin. And while the clip has already been pulled down and replaced with a photo with some suspicious wordings, the project is all eerie and not worth trusting at all.

The whole thing looks shady and shamelessly fake. It’s shocking why they had to go to such extent only to pay millions in transaction fees and stage-managed photoshoots.

Many Have Already Raised Red Flags About It

It’s great that several market experts have already noticed it and are ready to speak up. The CTO of Token Market, Mikko Ohtamaa, has termed it a ‘shebang,” saying it is a scheme aimed at ripping off the unsuspecting.

It looks a lot like a more advanced way of stealing from those who invest in it. This is because, for those who receive the airdrop to successfully redeem them, they will have to first hand in private keys to their Ethereum wallets. Of course, that alone is suspicious!

The project has elicited a heated debate on Twitter with many saying it is almost akin to Bitconnect. Others have even dug out two members sponsoring it and what is bizarre is their names: Abercrombie and Springsteen Brain.

Maybe this will be yet another Ponzi scheme or a high-profile crypto scam to rock the industry. We’ll wait and see.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide