BNBMatrix —Deep Understanding of a DeFi Ponzi using Smart Contracts

BNBMatrix, a “Stable & Profitable Yield Farming Dapp” as they say, is not paying anymore, for this simple reason: The smart contract, ruling the logic, is now empty and can’t pay anymore. Let us investigate together.

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First: Be ready to learn how to use BSCScan

BSCScan is THE tool provided by Binance to read transactions and contracts hosted on the Binance Smart Chain. https://bscscan.com is safe. Feel free to test it, you’re not going to break it, just to visit Binance Accounts and transactions.

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The Smart Contract

This is the brain of the ponzi. A ponzi doesn’t need any human to be exist, it just have to apply the logic of a ponzi. Let’s take a look at this Ponzi Smart Contract: https://bscscan.com/address/0x554a4deb1dbc6cfb6bee619be96b2990702e7348

I really suggest you to take a look by yourself, as you’ll learn a bit more about contracts, even if I review with you many elements here.

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The Balance

First, the BNB balance of the contract (the place you send your BNB when you invested):

You’re right, there is nothing left. I don’t know for the moment if this is a rug pull or not. Few days ago, after investigate, more than 30k BNB where presents on the account. Now it’s all gone.

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The Code

The code is pretty simple to read. Everything the code does is calculating the amount you can withdraw, based on the amount of your deposit, the number of days you chose and how many has passed. It then allows you to withdraw your earned value, until the withdraw amount exceed the balance amount.

To be clear: If you want to withdraw 10$ when balance is 1$, you can’t (logic right?).

There is not much to say about the code. Let me know if you’re curious about it.

Code is readable, nothing is hidden. But as a lot of people can’t understand it, the creator probably used it to show some confidence into the project. You shouldn’t trust a HYIP just because it shows you its smart contract.

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The Withdraws

In the Contract Page, you can see IN transactions (deposits) and OUT transactions (Withdraws).

From 0x554a4… To 0x…

This is the withdraw format and it means:

From “BNBMatrix Smart Contract Balance” To “a user wallet”. The red ⚠️ show that transaction has been canceled / reverted for a simple reason: Not enough Cash to withdraw.

Internal Txns represents all the withdraws. They’re transactions from this address to another.

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The Creator

From the Smart Contract Page we can see the Creator: 0x6a06ad8c258e8f3c45e878fff8ee2214645e5c52.

Before looking at his account, let see who is the default referall of BNBMatrix.

The information is held into the web application page. Just pressing F12 shows us the developer tools (Google Chrome here). Now in Source -> bnbmatrix.io -> js -> dapp.js we can get some informations:

Guess what, the variable “DEFAULT_REFERRAL” is the same value as the Smart Contract creator.

So, ready to look at his account?

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The Creator Balance

His balance. Nothing increadible here (+45k$ for now, regulary withdrawed into several accounts). The most impressive part is its input rate.

The Creator Inputs

More than > 100 000 internal transactions.

All transactions are coming from his ponzis. All of this money is related to referrals.

More than 100,000 transactions IN.

After some investigation, as I wanted to know where does the money come from. Looking at the “From” sources, I’ve found our BNBMatrix Smart Contract, also BNBMatrix_P2 (Pool #2), the second launch of the project...

Why should he stops when there is so much to earn? Guess what others sources I've found? More Ponzis!

BNBPeach

Want More? BNBMoo

(an Egg Miner, judging by the code)

And again? BUSDMatrix

You know what? It works so well that after shutting down BNBMatrix, he launches a new contract and calls this “Pools”. So a Pool #2 is born!

The only other informations I can probably provide you are some of his accounts where he dispatches the cash: we speak here of millions, not just 45k$. So BNBMatrix, BUSDMatrix, BNBPeach and BNBMoo are from the same creator, with nearly the same code (except BNBMoo, but it is not a surprise that it‘s probably a ponzi too).

I’m pretty angry against this guy but also againt people who goes straight into the trap… I try to help people to find working HYIP & Trading bots and make a living from this, by being fair and honest with you. Discovering this make me feel terrible…

I’m building an informative website (https://10percentminimum) where I hunt down ponzis / scams and also real HYIPs and trading programs with added value. A discord is in construction as well as a twitter page to let you know about “Scam Rescue” Giveaways, Referrals Giveaways, HYIPs, Ponzis and more.

Thank you for your reading. I’m 200% opened with feedbacks as I’m not an English relative, a journalist / writer or DeFi expert. Let me know if you got more informations!

Jor