MetaMask a very active and popular Ethereum online wallet browser extension labels 333ETH as an active scam. This is following a series of accusation from various members of the community in the recent month. The State Of The DApps also defines 333ETH as “crypto fraud”.

What is 333ETH?

The 333ETH is a decentralized application that performs its operations on the Ethereum network. The 333ETH dApp defines itself: as a project that allows you to make your ether work and bring you dividends instead of just lying there in your wallet.

The Reason Behind this Move by MetaMask

Going by a report from MetaMask, 333ETH is actively phishing, therefore not fitting the Wallet’s goal of optimal security. As of now, any user trying to access 333ETH, with an active connection to MetaMask, will get a warning message. The 333ETH also ranks as the DApps with the highest number of visits. However, this is a fact MetaMask has come to refute.

The nature of profit distribution on the DApps is quite similar to a Ponzi scheme. This comparison stems from the fact that it offers its investors a rate-of-investment (ROI) of around 3.33% per day. It also offers its users life-long payments and profits as a result of their participation in the chain. Additionally, the process of payment is being executed autonomously, without the participation of any third party. All these are strong points signally that the DApps has no real plans in place to ensure its sustainability.

Notably, some active users of the DApps believe it has been labeled wrongly by MetaMask. A previous post of a user from the bitcoin talk forum further defends 333ETH. The post states that: “First, it is completely decentralized, and the organizers have no control over the funds transferred to the smart contract address – the contract includes a special ownership waiver to this effect. This means that the administrators won’t be able to disappear with the money. In fact, even if the organizers decide to quit, the project will go on working perfectly well without them.”

What the Future Holds for Contributors

Currently, 333ETH boast of over 1,700 active users and in the last 30 days alone, more than $3 million worth of ETH got distributed using its smart contracts. Unfortunately, the future of these contributors is still quite uncertain, as the DApps will never remain the same after this.