On June 22, 2025, the cryptocurrency community was shaken by a piece of bad news — the once-glorious Origin Aladdin project collapsed, instantly pushing 370,000 investors into a locked state, with $2 billion in funds dissipating like bubbles. This wealth scam, lasting 382 days, ultimately tore apart the hypocritical facade under the pretext of 'system upgrades.'
When the withdrawal function was permanently closed, the countdown of 179 days, 23 hours, and 59 minutes flashing on the screen felt like the mockery of death. However, this disaster had long been foreseen. Looking back to March of this year, when the locked amount of the Aladdin project exceeded the $2 billion mark, abnormal signs had already emerged: within just 72 hours, the top 50 wallet addresses crazily transferred out $230 million, and the core address 0x9c3... even transferred 18 million USDT to a shell exchange in the Bahamas through 47 transactions. The so-called '1:1 collateralized USDT' reserve pool was, in fact, a black hole continuously draining funds, with new capital inflows merely filling old holes.
An in-depth investigation by the technical community revealed a darker truth: of the 137 smart contracts of Aladdin, 82 were directly copied from the notorious PlusToken scam of 2019. The remaining contracts concealed multiple traps such as fake multi-signatures, backdoor addresses, and manipulated profits. The so-called 'three-time block algorithm' was merely a fig leaf to maintain the Ponzi scheme; as inflows diminished, returns plummeted from 1.2% to 0.3%, yet a large number of investors were still deeply trapped.
In terms of marketing packaging, Aladdin can be considered a textbook case of fraud. The 'global event' in Dubai had fewer than 30 actual attendees, the rest were temporary actors earning 420 yuan per day; the cooperation documents with SWIFT Bank were purely forged; the large screen advertisement in Times Square, New York was just a temporary display costing a few hundred dollars, yet it was bragged about as a symbol of recognition from NASDAQ. These carefully designed illusions successfully lured countless people into the scheme.
What’s even more lamentable is the madness of investors. Even after the complete lockdown of withdrawals, 43% of VIP group members were actively recruiting others. The phrase 'if we bring in two more people, we can unlock withdrawals' became a fatal mantra, dragging their friends and family into the abyss.
Reviewing this scam, Aladdin perfectly illustrated the five typical characteristics of Ponzi schemes: an extraordinarily high return rate that defies logic, forced locking of funds to create a sense of urgency, false authoritative endorsements, technical jargon covering up loopholes, and a pyramid scheme-like referral commission. The evaporation of $2 billion and the despair of 370,000 families were not random accidents but rather a meticulously designed harvesting plan from the very beginning.
The collapse of Aladdin was merely the tip of the iceberg in the world of Ponzi schemes. In the pursuit of wealth, always remember: if an investment project promises guaranteed profits and daily riches, it is very likely a meticulously designed scam. Maintaining rationality and staying away from temptation is the only rule to protect wealth.