Ponzi-like game spams Ethereum network; ETH goes down below critical $460

FOMO 3D is a new controversal game on ethereum blockchain.
ETH/USD is under pressure, close to $450 support.

Tanya Abrosimova Independent Analyst

Another Ponzi-like game is plaguing Ethereum network, creating risks for the whole ecosystem.

The game called FOMO 3D (Fear of missed opportunity) offers to buy a "key" (key's price is growing constantly), which is a sort of a token. The purchased key adds 30 sec to a timer limited by 24 hours. If the timer goes to zero, user with the last purchased key receives the jack pot (currently 28,000 ETH). Part of the price paid for newcomers goes to those players who bought a key earlier.

You can purchase a key for 0.005 eth, but the price is growing, while the chances to win the prize are diminishing. The only reason to buy it is for dividents, which makes it very much alike classic Ponzi scheme.

Community is concerned:

"I'm almost certain that all of these types of games will become exploited during a hard fork or some other network issue." writes a Reddit user.

Currently, FOMO 3D generates about 25,000 transactions on the Ethereum network, which means it may become the next "CryptoKitties" and spam the network.

ETH/USD is changing hands at $451 below critical Fibo retracement at $460. The coin has lost over 3% of its value on a daily basis, decoupling from Bitcoin. The next support comes at $439 (Friday's low) and $416 (July 12 low).

ETH/USD, the daily chart

Author

Tanya Abrosimova

Independent Analyst

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