Fair Win FOMO Game Over
The Fair Win wallet was emptied, signaling the end of a long-running FOMO game that weighed down the Ethereum (ETH) network.
The activity of Fair Win had repercussions for the entire Ethereum ecosystem. Due to extreme congestion around September 24, the protective smart contracts of DeFi Saver could not complete their automated response, leading to significant liquidations.
The game also showed signs of unfairness, with having five addresses constantly clog the network with small transactions. This served to prevent any legitimate ticket buyers from having their transactions accepted, and eventually winning the pool. Toward the end of the game, FOMO lotteries were known to buy up entire blocks for their own transactions, so the organizers actually manage to take the jackpot for themselves.
Fair Win was finally reported as a scam, but it ended up paying more than 8,000 ETH in gas fees. In the end, the final contract was found to contain vulnerabilities that looked like a deliberate attempt from the team to grab the jackpot, as well as lock-up user funds.
Before being emptied to zero, the Fair Win wallet contained $8 million’s worth of ETH. The smart contract contained a way in which the team could prevent regular players from ever buying the last ticket and claiming the price.
The Fair Win game was spreading throughout Asian social media. While the initial impression was that the lottery was fair, further analysis showed that the organizers never intended on sharing the jackpot.
As of October 1, the most active smart contract is RarePackFour, a smart contract belonging to the Gods Unchained game. Ethereum fees have returned to a more normal range, allowing other smart contracts to achieve their computations without delay.
ETH market prices also stabilized around $179.06, following recent turbulence as Bitcoin (BTC) abandoned the $10,000 tier and tested lows near $7,800.