FantasyGold
Crypto Overview
Overview and Intended Utility
FantasyGold (FGC) was originally created as a cryptocurrency meant to serve the fantasy sports and gaming industry. The project claimed to provide a blockchain solution for fantasy sports payments and smart contracts.
Current Status and Recent Events
In May 2023, FantasyGold experienced a significant security breach where attackers exploited a vulnerability in its blockchain, leading to a massive inflation of its supply through unauthorized minting of tokens. The exploit resulted in the creation of approximately 580 billion additional FGC tokens, severely impacting the token's value and credibility.
Actual Utility Assessment
The project shows minimal evidence of real-world adoption for its stated use cases in fantasy sports or gaming. On-chain analysis reveals very limited legitimate transaction activity, with most recent volume related to the exploitation event.
Token Distribution and Governance
The project's token distribution is highly concentrated, with significant portions held in a small number of addresses. The development activity on the project's Github repository has been minimal, suggesting limited ongoing technical development.
Transparency and Communication
The project's communication channels have been largely inactive, with minimal updates regarding development progress or addressing the recent security breach. The team's response to the exploitation event has been insufficient, raising concerns about project management and security practices.
Crypto Impact
To assign a comfort level investing in FantasyGold from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to FantasyGold.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.