Towards the end of last month, a decentralized application on the Ethereum [ETH] blockchain known as FOMO3D emerged. FOMO3D called itself a simulation of an ICO exit scam, and has been “built to simulate the standard hype -> release -> pump -> dump: cycles of the countless ICO exit scams across the cryptocurrency space”. While its inherent structure is that of an elaborate Ponzi scheme, users on the Ethereum blockchain have begun protesting its existence for a completely different reason.

The smart contract behind the FOMO3D game is one of the biggest gas-guzzlers on the Ethereum blockchain currently. It, along with its various ripoffs, have pushed standard gas prices to about 60 Gwei. This has driven many to call for the scalability of the Ethereum blockchain, and more to call the game a scam.

The game’s premise is similar to that of a pyramid scheme. Users buy a key, which is currently worth 0.00548535 ETH. This contributes to the final pot, which is currently worth around 21,755.50 ETH, or a whopping $7.8 million. The rest of it goes to the users that bought a key earlier as “dividends”. A timer is set on the website and the last person who buys a key before the timer runs out, usually 24 hours, wins all the ETH in the culmination pot.

FOMO3D’s team, TeamJust, has now spoken up on their polarizing product which many call a pyramid scheme. In a recent interview, they revealed the backstory of the team and the game that they created. When asked about the game, they stated: