The 2025 cryptocurrency firefly protocol and gold protocol GOT chain explosion event is a case of a false project packaged with the RWA hot topic to cut韭菜, relying on the gimmick of "dual currency mutual protection" for continuous harvesting, involving an amount of over 500 million yuan and more than 4,200 victims.
The specific process is as follows:
Firefly Protocol creates a false impression of RWA to attract funds: This project rides the 2025 cryptocurrency RWA wave, claiming it can convert offline real estate into on-chain tokens YHC, with holders receiving both rental dividends and token appreciation, while also marking a high annualized return of 35%. To create a false impression, the project party misappropriated information from real estate companies such as Vanke and forged on-chain certificates on the blockchain. At the same time, it attracted new users with a promotion mechanism that offers cash back for bringing in new investors, and when investors want to cash out dividends, there are restrictions requiring them to hold a large amount of YHC to withdraw.
Linking GOT to perform a接盘drama: After the firefly protocol suspended withdrawals causing panic, the gold protocol GOT suddenly claimed to be its partner, launching a "solution" for exchanging YHC for GOT, and also promised a 60% annualized gold arbitrage return. In addition, investing large sums of money could upgrade nodes to earn dynamic returns, and recommending new users could earn team commission, leading many desperate retail investors not only to transfer their trapped funds but also to recharge and increase their investment.
Both projects collapse and run away simultaneously: The two projects are actually a Ponzi scheme sharing a funding pool, with smart contracts hiding backdoors allowing for unlimited minting of coins, initially relying on new funds to pay old dividends. When the funding pool reached 500 million yuan, the project party decisively closed the APP and disbanded the rights protection group. The price of the GOT token plummeted from $1.2 to $0.03 in a short time, while the project party split the funds into multiple offshore anonymous wallets, transferring them after laundering through mixing platforms, leaving retail investors with only unredeemable virtual tokens.
#骗局
The specific process is as follows:
Firefly Protocol creates a false impression of RWA to attract funds: This project rides the 2025 cryptocurrency RWA wave, claiming it can convert offline real estate into on-chain tokens YHC, with holders receiving both rental dividends and token appreciation, while also marking a high annualized return of 35%. To create a false impression, the project party misappropriated information from real estate companies such as Vanke and forged on-chain certificates on the blockchain. At the same time, it attracted new users with a promotion mechanism that offers cash back for bringing in new investors, and when investors want to cash out dividends, there are restrictions requiring them to hold a large amount of YHC to withdraw.
Linking GOT to perform a接盘drama: After the firefly protocol suspended withdrawals causing panic, the gold protocol GOT suddenly claimed to be its partner, launching a "solution" for exchanging YHC for GOT, and also promised a 60% annualized gold arbitrage return. In addition, investing large sums of money could upgrade nodes to earn dynamic returns, and recommending new users could earn team commission, leading many desperate retail investors not only to transfer their trapped funds but also to recharge and increase their investment.
Both projects collapse and run away simultaneously: The two projects are actually a Ponzi scheme sharing a funding pool, with smart contracts hiding backdoors allowing for unlimited minting of coins, initially relying on new funds to pay old dividends. When the funding pool reached 500 million yuan, the project party decisively closed the APP and disbanded the rights protection group. The price of the GOT token plummeted from $1.2 to $0.03 in a short time, while the project party split the funds into multiple offshore anonymous wallets, transferring them after laundering through mixing platforms, leaving retail investors with only unredeemable virtual tokens.
#骗局
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