Share this article
BTC
$80,571.66
-
1.43%ETH
$1,539.77
-
4.75%USDT
$0.9993
-
0.02%XRP
$1.9980
-
0.26%BNB
$579.01
+
0.68%USDC
$0.9999
-
0.00%SOL
$115.21
-
0.23%DOGE
$0.1566
+
0.77%ADA
$0.6216
+
1.15%TRX
$0.2356
-
1.19%LEO
$9.4155
-
0.81%LINK
$12.31
+
0.05%AVAX
$18.48
+
2.55%TON
$2.9341
-
3.88%HBAR
$0.1705
+
2.80%XLM
$0.2316
-
1.47%SHIB
$0.0₄1195
+
1.57%SUI
$2.1591
+
0.11%OM
$6.4676
-
4.54%BCH
$294.88
-
0.57%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Fifth-Largest Holder of Polygon Tokens Is Little-Known Chinese Crypto Project
At least one observer says Avatar is a multilevel-marketing (MLM) scheme in which users generate significant rewards for every person they successfully refer.
Cryptocurrency staking project Avatar has become the fifth-largest holder of Polygon's MATIC, accumulating 22 million tokens worth $22.5 million.
Details about the project remain scant on social media. News reporter Colin Wu says it is based in China and at least one industry observer suggests Avatar is a multilevel-marketing (MLM) scheme in which users generate significant rewards for every person they successfully refer.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Avatar, which labels itself as a decentralized on-chain perpetual GameFi platform, is centered around a staking mechanism that involves "magic boxes." Users have the option of staking cryptocurrency tokens for between 24-hours and 181 days, with the latter option yielding a greater reward.
The anonymous nature of cryptocurrencies has led to a surge in MLM schemes over the past few years. In March, Shanghai police arrested 10 people in connection with a $16 million pyramid scheme that involved cryptocurrencies.
MATIC is currently at $1.16, down by 9.95% over the past 24-hours according to CoinDesk data.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
