According to imtoken.fans, on June 12, imToken security team received a report e-mail from a user. The user said that the ETH in his wallet were stolen. All stolen addresses were generated in MGC wallets. imToken team reminds users to cease using the wallets generated in MGC wallets and transfer assets.

Currently, MGC’s assets are being transferred in bulk to a certain address. 40,000 transfers have been completed at this address, with total assets of 3 million RMB. It is suspected that MGC team is running with money. Now MGC Token has been labeled as pyramid selling coin by the imToken. Before that, MGC used the users to threaten imToken, and woven a plot to lay the sin at imToken.

MGC wallet is actually a typical ponzi scheme, it claims a minimum of $100 investment with a monthly return of 9-25%. It has built an ATS intelligent financial management system, as its arbitrage process is open and transparent. It is revealed that the project operator is in Malaysia, many of its propaganda scenes are forged.

Downloading MGC’s App in Apple stores requires APPLE ID overseas. MGC’s App only be available in Apple stores overseas, in other words, it is illegal in China at all.

MGC claims itself as a de-centralized wallet. However, through testing by technicians, it is found that recovery phrase of MGC wallet are created by the server terminal and then sent to you. That is to say, you are not the only one know your recovery phrase but also the server of the MGC wallet does. And what does recovery phrase mean to wallet users? It means ownership of your wallet, so in fact, MGC has ownership of your wallet.

From its wallet generating data, we can clearly see our recovery phrase is created by server terminal before sent to us.

MGC Wallet APP is actually a Web site , Today, there are many small transfers in one of MGC address , which contains 1662.75 ETH, there are still a large number of ETH unpacked. Now the price of MGC on the exchange plunged by 60%, losing its investment value. So the investor must investigate the wallet company before putting your crpto in. For the transferred address, it is necessary to search it through the blockchain browser.