• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: Crypto Giant Binance In Hot Water: CEO Responds To Trading Violation Claims
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Crypto Giant Binance In Hot Water: CEO Responds To Trading Violation Claims
Ethereum
Advertisement

Six Addresses Are Dominating Ethereum (ETH) Usage Right Now

Christine Vasileva by Christine Vasileva
4 years ago
in Altcoins, News, News teaser
0
Advertisement
Advertisement

Six addresses seem to be the most active ones on Ethereum, burning up above 45% of all gas. All seem related to a single smart contract, awakening the suspicion of Reddit users.


Six Wallets Circle Funds with One Smart Contract

The common thread between the six most active wallets on the Ethereum network is that they are all communicating with contract “0x01eacc3ae59ee7fbbc191d63e8e1ccfdac11628c”. This smart contract has been rising to the top of the list as the biggest Ethereum gas burner.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

As of September 20, the smart contract hogged 39.6% of all Ethereum gas. Just a day ago, the contract only used up 17%. The activity has been defined as Fair Win, a game spreading through Chinese social media channels.

Some believe Fair Win is a pure Ponzi scheme that suckers in new buyers to continue the operation. However, the pattern of gas usage suggests that it is more akin to a previous game that mixed a Ponzi scheme and timing.

In those type of games, known as 3D betting, players deposit ETH into the smart contract, and then wait until the last bidder “exit-scams” with all the winnings. The game, of course, promises to be absolutely fair. However, the organizers have the big advantage of high ETH reserves, and the ability to pay for the network use, so that players can’t get their bids in.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Looks Like a FOMO Gambling Session

Previous research of FOMO games on Ethereum shows that the organizers manage to spam the network enough, so that they prevent the pool of ETH from going into the hands of a regular player. Investigators found that toward the end of the FOMO3D game, someone paid to “hire out” entire blocks, so that only their transactions would be included.

The transactions of players with lower fees would remain pending until the game ended. Nobody can fulfill the simple rule of buying the last ticket into the game.

This also explains why the Ethereum network saw a huge surge in daily transaction fees, exceeding $200,000 in 24 hours. Usually, a FOMO3D game would have multiple sessions, creating the need to manipulate fees and hoard blocks several times.

The Ethereum network is a free and open market – meaning that those with the most funds can buy a way of using the network to their advantage. The appearance of FOMO games once every few months not only causes general congestion, but also points to a way to exploit the economy of gas fees.

What do you think about Ethereum-based gambling? Share your thoughts in the comments section below!


Images via Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Christine Vasileva

Christine Vasileva

Christine Vasileva is a financial news and business writer, tracking the latest developments in fintech and the effect of blockchain and crypto-assets on global business and finance.

Related Posts

Nasdaq

Nasdaq Targets Mid-2023 For Crypto Custody Launch

6 days ago
Crypto.Com Became The10th Largest BONE Holder

Crypto.Com Became The10th Largest BONE Holder

1 week ago
Hong Kong

Hong Kong Set To Welcome Prominent Crypto Data Firm

2 weeks ago
BUSD

BNB Whales Dump Millions Of BUSD, Here’s What They Are Buying

2 weeks ago
USDC Minting And Redemption Backlog Almost Cleared by Circle

USDC Minting And Redemption Backlog Almost Cleared By Circle

2 weeks ago
crypto conference the alliance

Crypto.ro Announces “The Alliance,” a Highly Anticipated Crypto Conference in 2023

2 weeks ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Trending Projects

  • 5 Best Upcoming ICO List of March 2023

    1 week ago
  • Crypto Investment for Long term: 3 Coins to keep your eye...

    1 week ago
  • Cryptocurrency to invest in March 2023

    1 week ago

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
UU.Game
UU.Game
K8
K8

Press Releases

  • Cryptocurrency News: Analyst’s Top 3 Picks: Polygon...

    5 hours ago
  • The 5 Best Cryptos under $1

    5 hours ago
  • Volt Inu Announce that VoltiCard – A Prepaid Virtual...

    5 hours ago
  • Top Altcoins To Buy For April: Avalanche (AVAX), BNB (BNB)...

    5 hours ago
  • Ripple (XRP) and Nexo (NEXO) on the Rise as Orbeon Protocol...

    6 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.