On June 22, 2025, the cryptocurrency world was rocked by a piece of bad news— the once glorious Oladdin project collapsed, instantly pushing 370,000 investors into a locked-up predicament, with $2 billion evaporating like bubbles. This 382-day long wealth scam ultimately used 'system upgrades' as an excuse to completely tear away its hypocritical veil.
When the withdrawal function was permanently closed, the countdown ticking on the interface for 179 days, 23 hours, and 59 minutes seemed like the mocking of death. However, this disaster had long been foreshadowed. Back in March this year, when Oladdin's locked-up amount surpassed $2 billion, abnormal signs had already appeared: within a short span of 72 hours, the top 50 wallet addresses crazily transferred out $230 million, with the core address 0x9c3... transferring $18 million USDT to a shell exchange in the Bahamas through 47 transactions. The so-called '1:1 USDT reserve' was actually a continuously draining black hole, with new funds being injected merely to fill old holes.
In-depth investigations by the technical community revealed an even darker truth: out of Oladdin's 137 smart contracts, 82 were directly copied from the notorious PlusToken scam of 2019. The remaining contracts were riddled with multi-signature forgery, backdoor addresses, yield manipulation, and other heavy traps. The so-called 'three-phase block algorithm' was merely a fig leaf to maintain the Ponzi scheme, and as the influx of funds decreased, the yield plummeted from 1.2% to 0.3%, yet a large number of investors remained trapped.
In terms of marketing packaging, Oladdin can be considered a textbook example of fraud. The so-called 'global event' in Dubai had fewer than 30 actual attendees, with the rest being temporary actors paid 420 yuan a day; the partnership documents with SWIFT bank were purely fabricated; the large screen advertisement in Times Square, New York, was merely a temporary display costing a few hundred dollars, yet it was boasted as a symbol of recognition by NASDAQ. These meticulously designed illusions successfully lured countless people into the scheme.
What is even more lamentable is the madness of investors. Even after withdrawals were completely blocked, 43% of VIP group members were actively recruiting others to join. The phrase 'Just recruit two more people to unlock withdrawals' became a fatal incantation, leading them to drag their friends and family into the abyss.
Reviewing this scam, Oladdin perfectly exemplified the five typical characteristics of a Ponzi scheme: extraordinarily high returns far exceeding reason, forced lock-up creating a sense of urgency, false authoritative endorsements, technical jargon covering up loopholes, and a multi-level marketing style of recruiting. The evaporation of $2 billion and the despair of 370,000 families were not mere coincidences, but rather a meticulously designed harvesting plan from the very beginning.
The downfall of Oladdin is just the tip of the iceberg in the world of Ponzi schemes. On the path to wealth, always remember: if an investment project promises guaranteed profits with easy money, it is highly likely to be a cleverly designed scam. Staying rational and avoiding temptation is the only rule for protecting wealth. If you feel lost and helpless about what to do, just follow me. I need fans and you need references; guessing is not as good as following!
