Tron3X smart-contract Ponzi collapses, $130,000 exit-scam
The admin of the Tron3X smart-contract Ponzi has done a runner.
But not before they transferred out $130,000 worth of tron still left in the kitty.
I became aware something was up at Tron3X when I received a notification one of their YouTube videos we’d linked to had been deleted.
A few searches was all it took to confirm Tron3X disabled withdrawals a few days ago.
As reported by gullible investors on YouTube, Tron3X withdrawal problems began on or around November 1st.
Thanks to the blockchain, we can see that at the time Tron3X’s smart-contract contained 4,949,326 TRX (~$130,000).
That money has since been cleaned out, on top of whatever Tron3X’s admin was able to steal through positions in the contract itself.
Statistics presented on Tron3X’s website at the time of collapse reveal 18,027,000 TRX was invested (~$475,000).
Tron3X launched in mid September 2020 and promised investors a 2% a day ROI. Outside of referral commissions, that return rate means every single Tron3X affiliate investor lost money.
Alexa traffic estimates suggest the majority of Tron3X victims are from Canada, the US and India.
“BUH MUH SMART-CONTRACT!”
Oh, not so smart contract!
A nice picture of a balance. It clearly shows how it works.
Whoever came up with the name “smart contract” for something that isn’t a contract, nor smart, but a computer program running on a virtual machine, certainly did a good job of creating loads of confusion, to be exploited by scammers.
Anybody who doesn’t have a full technical understanding of how a particular blockchain works, and the particular virtual machine it implements for smart contracts, and knows the programming language the smart contract is written in, and is capable of doing a thorough analysis of how the program will behave in all possible circumstances, yet lets their own money be controlled by it, is a complete idiot.
You’re not even only dealing with the possible nefarious intent of the (generally anonymous, very often non-professional and self-taught) programmer who wrote the thing, you’re also making your money subject to all possible bugs, and all unforeseen behaviour in circumstances the programmer didn’t think of, or which had never occurred in reality when the program was written (and that’s assuming the virtual machine it runs on isn’t buggy itself – an unwarranted assumption).
And all for things that are presented as the solution to problems which simply don’t exist in reality. But then one can say that about cryptocurrency in general.
Smart Contract is a simple concept that most people think it’s magic. It’s basically autobidding/auto-offering. Instead of setting one fixed price, you offer a “range” of price. And whoever wants to buy are like autobid bots at eBay… offer as low as possible while it’d be accepted. The two bits of code “negotiate” a mutually acceptable price. Voila, “smart contract”.
It doesn’t magically generate money except maybe the platform will charge a small transaction fee.
professional victims incoming…